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Railway& Industrial Compendium
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VOL. 123.
SATURDAY, DECEMBER 25 1926
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Compendium," revised to date, appears
to-day, and all readers of the paper who
are subscribers should receive a copy of
it. As previously announced, this Supplement is now printed in two parts,
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The Columbia University Professors and
the War Debts.
The statement, signed by 42 members of the Faculty of Political Science in Columbia University,
which was issued on Monday, urging a world conference for a reconsideration of the question of the war
debts, is one of those documents which always attracts a considerable amount of attention because of
the position of the persons who frame and support
it, irrespective of the worth of the document itself.
When a group of professors, members of the faculty
of a great university, give formal expression to their
opinion regarding a matter of international importance which has long been a subject of controversy,
the public outside of the university naturally con-
Bank and Quotation Section
Bankers' Convention Section
NO. 3209.
eludes that the matter at issue has been scrutinized,
in all its aspects, with the trained eyes of scholars,
that the conclusions arrived at are well grounded
and logically sound, and that the course of action
suggested is one worthy of serious consideration. It
is thus that the learning for whose promotion a university exists ought to make its contribution to the
conduct of practical affairs, clearing up what is obscure, separating the superficial from the fundamental, weighing all the facts that each may be
given its just measure of influence or importance,
and deducing conclusions which commend themselves to every intelligent mind.
Unfortunately for Columbia University, for the
signers of the statement, and for the public in this
country and abroad that will unquestionably be
affected by what the professors have said, a reading
of the statement leaves only a feeling of clear disappointment, mingled with surprise that such a document should have been forthcoming from such a
source. The substance of the statement is an arraignment of the American war debts settlements as
"unsound in principle." The principles that are
called in question appear to be chiefly two:first, the
treatment of the war loans as "business transactions" rather than as "joint contributions to a common cause," and, second, an ignorant and unjust
application of the principle of capacity to pay. The
results of the mistaken policy which has been pursued at these two points are to be seen, the signers
aver, in a spreading of most of the debt payments
over the egregiously long period of sixty-two years,
an improper discrimination between the debtor countries in the amounts which they have been required
severally to pay, an enormous financial burden
which presses disastrously upon Europe, notwithstanding that the payments which are to be received
mean, as alleged, little to the United States, and a
growing hostility in Europe to this country which
may well be regarded with regret and alarm. For
the remedy of this unhappy situation the Columbia
professors, while admitting that they are not agreed
regarding the complete cancellation of the debts,
earnestly recommend the calling of an international
conference at which the question of the debts, together with the related question of reparations, shall
receive "complete reconsideration in the light of
present knowledge"
3218
THE CHRONICLE
[VOL. 123.
It is due to the manifest sincerity and good faith debt and its intention to discharge it. What memof the signers of this statement, to the cause of sound bers of Congress said at the time in debate is of no
learning and patriotic service which a formal pro- consequence in the face of the terms of the loan Acts
nouncement under such circumstances ought to com- themselves. The whole question of the loans as "a
mend and advance, and to the intelligent public joint contribution to a common cause," without the
opinion to which the statement is addressed, that the characteristics of a business transaction save as the
arguments which have been so zealously marshalled United States chose to play the part of a Shylock,
should be examined somewhat in detail.
arose only after the war, when the countries which
The foundation of the argument is the contention had borrowed heavily to finance their efforts in the
that the war loans, instead of being treated by the war found themselves deeply in debt, and emAmerican Government as business transactions, harassed by economic disorder, the evils of a depreshould have been regarded as joint contributions to ciated currency, and an unscrupulous political agia common cause. "From the record of debates in tation designed to evade repayment of the American
Congress," we are told, "it is clear that these ad- loans. It has been kept alive by sentimentalists who,
vances were not regarded by those who voted them perceiving that the United States emerged from the
as business transactions, but rather as joint contri- war in better economic condition than the European
butions to a common cause. . . . The credits were belligerents, were willing to have a still larger part
freely given because they were to secure for us effec- of the cost of the war shifted to the shoulders of the
tive support for our own effort, either directly on American people through the device of scaling down
the field of battle or indirectly by strengthening the or canceling the debts, and by others who have renations associated with us. They would have been sented the failure of the United States to ratify the
justified by no other purpose." It is little short of Treaty of Versailles or to adhere to the League of
amazing to find an argument of this kind seriously Nations and the World Court. It is to this unsound
advanced by a body of scholars, some of whom, at and sentimental view of the matter, which would
least, are presumably learned in the law. It is a long since have died a natural death but for persiscommonplace of law that a written document is not tent and mischievous agitation in its behalf, that
to be explained by verbal statements of what its the Columbia professors have committed themframers meant by it if the document itself is plainly selves.
expressed, and that an Act of Congress is not to be
Much stress is laid in the statement upon the
interpreted by reference to the debates that went on unjust application of the principle of capacity to
during its passage, provided that the language of pay. The stretching of most of the debt payments
the Act is itself clear. Of the meaning of the Acts over a period of sixty-two years is sharply critiwhich authorized the war loans there can be no doubt cized as estimate by "guesswork," for the reason
whatever. The Act of April 24 1917, under which that while estimates of capacity "are of necessity
credits to the amount of $3,000,000,000 were pro- based upon the statistics of the pre-war period and
vided, expressly empowered the Secretary of the those of the abnormal post-war or reconstruction
Treasury to "enter into such arrangements as may period," there are obviously no figures for the future.
be necessary or desirable for establishing such cred- In support of the contention that it is impossible to
its and for purchasing such obligations of foreign forecast economic "capacities" for the next sixty-two
Governments and for the subsequent payment years, certain changes that have taken place during •
thereof before maturity," and further directed that the past two generations, or that are now going on,
payments from foreign Governments, when made, are cited. "The steel industry of Germany, now far
should be applied to the retirement of Liberty bonds surpassing that of England, is almost entirely the
outstanding. The same authorization regarding ar- product of the last half century. Similarly, other
rangements for repayment is to be found in the Act basic industries, such as coal, wheat, cotton, rubber,
of Sept. 24 of the same year, further extending the potash, and even gold, are in process of redistribuamount of credits to be granted under the direction tion among the countries of the world. Nations toof the Secretary of the Treasury.
day are changing their relative positions even more
There is not the slightest warrant for asserting rapidly than in the past. How, then," these scholthat the war loans were regarded by either of the arly men ask, "can there be any degree of certainty
parties to the agreements, at the time when they in the estimates of future capacity, upon which this
were made, as other than valid legal obligations of settlement so largely rests?" The injustice becomes
the foreign Governments for whose benefit they "all the more evident," the professors go on to aswere authorized, or that repayment in due course sert, "when one compares the various settlements
was not expected on both sides. No one of the for- and notes the wide discrepancies in liberality. On
4% interest basis Francd is to pay only 50%,
eign Governments that shared in the loans has ever a 41/
Belgium
54%, of the whole debt (interest included).
loans.
The
contested the full legal obligations of its
Government of France, in spite of the extreme re- Great Britain is to pay 82%, while Italy pays only
luctance which it has shown to ratfying any agree- 26%. Whatever justification there may have been
ment for the settlement of its war debt to the United for differences in treatment of the various national
States, has repeatedly affirmed the obligation of the debts, it is unfortunate that the principle, 'capacity
DEC. 25 1926.]
THE CHRONICLE
3219
to pay,' should result in such striking variations as It is quite as likely that the development of Eurothese."
pean and world industry during the next half cenIt is of course unfortunate that it was found nec- tury will increase the capacity to pay of every Euroessary to extend the payments over so long a period pean nation that is in debt to the United States on
as sixty-two years, but as immediate payment was account of the war, as it is that capacity to pay will
out of the question, what alternative was there, diminish; appreciably more likely, in fact, unless we
pray, that would properly ease the burden? On the are facing a long period in which industrial civilizaother hand, the argument as presented by the Colum- tion is to experience a general decline; and if cabia professors is far from impressive. If there is pacity to pay is to increase, it will be possible for
any evidence to show that the period of sixty-two every debtor nation that chooses to do so to anticiyears was in any way imposed upon the debtor Gov- pate its future debt payments, and thereby help to
ernments by the American War Debt Commission, it fend off the evil which to the professors appears
ought in justice to be adduced. Was not the period now so great.
made long in order that the required annual payFurther to demonstrate the injustice of the debt
ments could be correspondingly reduced, and was settlements, the statement of the Columbia profesnot that what the debtors desired above everything sors offers some calculations intended to show the
else? All the evidence available goes to show that relative unimportance to the United States of the
agreement at this point was reached after full dis- debt payments to be received in the next few years,
cussion between the Commission and the foreign in comparison with the burden which the debt setnegotiators, accompanied by a more or less elaborate tlements impose upon the debtor countries. The
presentation by the foreign representatives of the scheduled annual payments of the next four years,
economic condition and prospects of their respective we are told, "will be less than 5% of either the prescountries. For the arrangement that was made, ent annual commodity imports or the present annual
accordingly, the debtor countries are at least equally commodity exports of the United States." The
responsible with the United States. It was for them scheduled annual payments for "the next few years"
to refuse a burden upon their own people which the will constitute, it is estimated, "less than one-third
professors now brand as unjust, and to offer settle- of 1% of our annual national income"; the payments upon shorter time if they could see their way ments of the next four years "amount to less than
to do so. If sixty-two years is too long, what period 10% of the estimated yield of the Federal income
would the professors suggest, and what knowledge tax of 1927, and if applied entirely to a reduction in
of future "capacity to pay" do they possess in sup- the personal income tax rate, they would make a difport of a shorter period? It is easy to criticize the ference of only two dollars a year to a typical income
period of sixty-two years as extremely long and very taxpayer with net income of *5,000 a year," which
possibly an occasion of apprehension, but what other latter class, it is stated, comprised 96% of the Fedarrangement could have been made at the time, and eral income taxpayers in 1924. In contrast to these
what other arrangement could well be substituted alleged very trifling sums we are invited to reflect
now?
upon the fact that "Great Britain, France, Italy
Far from the unequal concessions which were and other European countries are already bearing
made to the different debtor nations being a proof burdens which strain their courage and strength,"
of the unsoundness of the principle of capacity to that "taxation, in proportion to income and populapay, they are rather a demonstration of the sound- tion, is between two and three times heavier in Engness of that principle and of its judicious and am- land, France and Italy than it is in the United
icable application. Instead of laying down a hard States," and that"payments that could at best mean
and fast rule to be applied impartially to all the a paltry gain for most American taxpayers mean to
debtor States, each State was asked to pay what it the overtaxed debtors a crushing load."
could and as it could. The fact that Great Britain
This is mere juggling with figures, and nothing is
is to pay 82% of its debt while Italy pays only 26% more misleading than the use of averages when these
(we are not undertaking to test the accuracy of the averages are wholly inapplicable to the thing disfigures) probably represents, roughly at least, the cussed. What does it signify to say that the annual
relative capacities of the two countries at the time payments will constitute less than one-third of 1%
the debt settlements with them were concluded, and of our annual national income,,when the fact is that
it was of this difference in capacity, supported by the bulk of this income is not liable to the income
statistics and forecasts which the representatives of tax, there being an exemption of $1,500 in the case
the debtor countries submitted, and by elaborate sta- of single individuals and of $3,500 in the case of
tistical inquiries made by the Treasury Department, married couples. • In the calendar year 1924 (the
that the American War Debt Commission appears' latest year for which the figures are available), when
to have taken account. As for the argument based the exemptions were only $1,000 and $2,500, respecupon the changes which have taken place in Euro- tively, no more than 6.56% of the population filed
pean industries during the past sixty-two years or personal income tax returns. And what shall we
so; or which are taking place throughout the world at say of the statement that the payments of the next
the present time, that argument works both ways. four years, if applied entirely to a reduction in the
3220
THE CHRONICLE
personal income tax rate, "would make a difference
of only two dollars a year to a typical income tax
payer with net income of $5,000 a year?" There were
in 1924, according to the official returns, only 697,138 individuals filing returns whose incomes exceeded 15,000, and there were no more than 7,369,785 individuals altogether filing returns. Two dollars a year on the whole of these latter would amount
to less than $15,000,000, while Great Britain alone
is now paying over $160,000,000 a year in principal
and interest to the United States. Evidently the
signers of the manifesto have allowed themselves to
be duped by some one.
In another part of the document the statement
is made that "the payments due in the next four
years amount tO less than two dollars annually for
each person in this country." To this statement no
exception can be taken, but what relevancy has it
to the question, seeing that out of a total population
of 116,000,000 less than 7,500,000 are called upon to
pay any income tax. If the debt payments figure
out $2 per head on 116,000,000, obviously they will
average over fifteen times that amount on the 7,500,000 that are obliged to assume the payment of taxes,
or $30 per head. That, it seems to us, is the real
measure of the extra burden that would be imposed
should the foreign payments be entirely eliminated.
Entirely apart from this, we are not impressed by
the line of argument employed. The obligation of a
debt does not depend upon its amount. If the
amount is unduly burdensome, or beyond the reasohable ability of the debtor to discharge, that of
itself constitutes a reason for concession on the part
of the creditor, and an adjustment of payment on the
principle of capacity to pay. The signers of the Columbia statement recognize that the United States
has been generous, but they nevertheless condemn
the principle of capacity to pay, notwithstanding
that that is the only principle properly applicable to
the situation which they undertake to describe.
Comparisons drawn from the relation of the foreign
debt payments to the value of American imports or
exports, or from the amount of the payments in relation to the income tax of the average American citizen, are as worthless for statistical purposes as is
the soap-box orator's denunciation of capitalism and
employers because the price of a suit of clothes exceeds by many times the cost of the raw wool out of
which the suit is eventually fashioned.
Nor are we convinced by the reiterated assertion
that Europe, because of the war debts, is struggling
under a crushing load. Reliable reports which reach
,the United States from Europe, based in part upon
the official records of Governments or trade agencies, and in part upon the observations of competent
American observers familiar with European conditions, indicate a steady, and on the whole remarkable, progress in industry, commerce and financial
recovery. Great Britain, whose war debt burden is
the heaviest of all, has not only been able to adhere
to the gold standard and remove the restrictions
[VoL. 123.
upon the exportation of gold, but finds itself still
with capital sufficient to enable it to reach out for
trade in all parts of the world, and to maintain
"business as usual," notwithstanding a long-continued and costly coal strike. The French franc,
which only a little while ago was widely thought to
be approaching worthlessness, has risen to above
four cents, the French budget has been nearly balanced, Treasury receipts are exceptionally large,
and there is not only no general unemployment but a
considerable importation of foreign labor. Belgium
has lately stabilized its currency, and the whole
country appears to be a hive of industry. The remarkable economic recovery of Italy is a matter of
common knowledge, and the Polish steel manufacturers are reported to be underselling the members of
the recently-formed steel cartel. What is more, each
of the countries whose war indebtedness to the United
States is most considerable is now, and for the past
two years and more has been, receiving substantial
reparations payments from Germany, all of which,
it has been understood, were to be applicable, directly or indirectly, to the discharge of the war
debts; and while the continuance of the German payments on the increased scale called for by the Dawes
Plan may present a problem for Germany later,
there seems to be no reasonable ground at present
for fearing that the payments will not be continued
according to the Dawes Plan schedule for at least
the next three years.
In view of all this, such an international conference as the statement of the professors urges seems
to us to be both futile and uncalled for. The only
possible object in calling such a conference would
be to induce the United States to alter its debt policy, either by further remitting a part of the amounts
that are due, or by canceling the debts altogether.
With the only possible object of the conference clear
in advance, there would be nothing to discuss, and
we are loath to believe that even the Columbia professors think that the American Government, which
has already made unparalleled concessions, would
yield to importunity in a conference, and alter fundamentally a policy to which it has deliberately, and,
we think, wisely, adhered—and which appears to
have, moreover, the hearty support of the overwhelming majority of the American people from one end
of the country to the other.
From every standpoint, the statement of the Columbia professors is greatly to be regretted. It is
superficial, sentimental, and insufficiently attentive
to the facts of the case with which it deals, besides
embodying errors of statements and of figures. It
offers no new light on the debt question, and no useful aid in dealing with any of the problems to which
the debt settlements give rise. Even if its proposals
were wiser than they are, they come too late, for the
debt settlements have been made, and France and
Greece are the only countries that have not acquiesced. The statement is only a mischievous kind of
propaganda, directed in this instance specifically
DEC. 25 1926.]
THE CHRONICLE
against the debt settlements, but of a piece with the
organized propaganda which from the first has attacked and ridiculed the determination of the United
States to keep itself as free as possible of European
entanglements. It would be unfortunate if the
statement, coming from the source from which it
does, should be taken as a considered expression of
enlightened, informed and impartial American opinion, and it is for that reason that we have have discussed at length a document which upon examination turns out to possess no weight whatever.
The Financial Situation.
On the threshold of the new year it would appear
that there has seldom been a time when there was
greater unanimity as to the probable continuation
of satisfactory business conditions, at least during
the coming few months, with no indication of an
early termination of the present period of prosperity.
Yet confidence is by no means universal. There is a
feeling that prosperity having prevailed pretty generally for several years, depression must necessarily
be about to reassert itself. It is, of course, true
that we may be nearing the end of the prevailing
prosperity. Men can never be sure that they can see
ahead, even with the best of facilities for estimating
what is likely to happen. The unexpected may happen, through new and powerful developments that
could not possibly be foreseen, but when all possible
allowance is made for the unexpected it does seem
that the proper attitude for business and finance in
the United States at the present time is one of courage and no fear of any serious break. And yet an
attitude of caution is at all times proper.
The present situation certainly should not be paralleled with that which existed in the latter part of
1920. At that time we were in the midst of an unrestrained post-war boom. We were approaching an
adjustment of world prices after the distortions
brought about by war purchases and currency inflation. It is probable that prices are still strongly
under the influence of conditions following from the
war and may not be entirely under the control of
normal influences for several years to come, but certainly the dangers from violent adjustments are as
nothing compared to those that existed in 1920. At
that time Europe had not even begun to analyze its
post-war problems in balancing budgets, stabilizing
currencies, equalizing production and consumption
and finding employment for millions of men. At
present these problems are, for the most part, pretty
thoroughly understood, and in no small measure
have advanced to a solution. In Great Britain, Germany, and most of the former neutral Europe much
progress has been made toward reaching the normal,
and even in the countries which have not yet
achieved stabilization of currencies the danger from
quick and unexpected changes is far less than at
that time. In other words, no man can reasonably
look for any such world cataclysm as occurred in
1921.
Nor do the best judges of finance and business look
for any exact recurrence of pre-war cycles of prosperity and depression. In many of the most essential respects the present situation is entirely new.
The following factors may be mentioned: Certain
processes of manufacture and merchandising have
been worked out during the last decade which have
3221
proved revolutionary in lowering costs and enhancing the general distribution of well-being. Among
these may be mentioned the straight-line method of
manufacture instituted by the automobile makers
and now being adopted in other lines of manufacture. Chain stores and mail order houses have already greatly reduced the cost of distribution in
some essential lines. The development of the system of partial payments has done more than almost
any other recent influence to enlarge the purchasing
power of the nation. And here, of course, there is
need'of caution.
Another point of importance is the development
that many of the great corporations have undergone
that were formed in the early part of the century
to do a national and world-wide business. Many of
these which at first were mere aggregations of small
units, are now thoroughly entrenched over the country, nationally advertised, thoroughly financed and
ably managed. They are very different enterprises
from what they were twenty-five, or even ten, years
ago. There are many other new factors which ajip
new to the present business situation and whIti
were not present during the previous business cycles,
as, for instance, an extensive ownership of securities
by wage earners, which is tending to bring about a
sane handling of wage adjustments, with the result
that to-day, with practically no unemployment,
wages are at the highest point in history without so
far at least having obstructed business progress
or business prosperity. There is also a better political situation than has existed. Never have we had
a President who dealt with unexpected issues more
coolly or with more common sense. Never, at least
during the modern business era, have we had a Secretary of the Treasury who has been so astute a
financial leader, and the work that is going on under
Hoover in the Commerce Department is not only supplying the country with exact information in respect to business, but supplying excellent leadership
in introducing better and simpler business methods.
Mr. Hoover's work is something quite new.
There is also to be considered the new prosperity
of the South—a big section of the United States for
several decades after the Civil War comparatively
impoverished, now enjoying real prosperity soundly
based upon industry. The city of Atlanta in a current advertisement calls attention to the fact that
the total value of the product of agriculture and
manufacturing in the South, which amounted to
only $3,328,000,000 in 1900 and to no more than
$6,365,000,000 in 1910, reached $16,479,000,000 in
1925. Moreover, of this total cotton accounted for
only 8%, and all agriculture only 36%. Is there
not in all this abundant reason for rejoicing, as well
as for belief that no troubles are in sight which cannot be conquered and overcome?
The new winter wheat crop, put into the ground
the past autumn, shows an increased area, according to the report of the Department of Agriculture
at Washington issued on Tuesday of this week. The
condition of the crop on Dec. 1, preliminary to the
beginning of the winter season, is practically the
same as a year ago, but 2.6 points below the average
condition for that date covering the past ten years.
All of this difference, however, may readily be recovered before the opening of spring The Depart-
3222
UTE CHRONICLE
[VOL. 123.
ment estimates the area sown to winter wheat this against 676,429,000 bushels for 1925. The final estiyear at 41,807,000 acres. These figures compare mate for oats shows 1,253,739,000 bushels for this
with 39,540,000 acres the original estimate of fall year, compared with 1,487,550,000 bushels for 1925.
planting of winter wheat for 1925, issued in Decem- The latest estimate for oats for 1926 is also someber of last year, and 42,317,000 acres, the estimate what under the preliminary estimates. Barley is
of December 1924 for the fall planting of that year. placed at 191,182,000 bushels this year and rye at
A revised statement of area planted, issued later, 40,024,000 bushels, both under the estimates for
increased the area for 1925 to 39,799,000 acres, but 1925. The final estimate of white potatoes is 357,reduced the area for 1924 to 39,956,000 acres.
800,000 bushels, which is the highest of the year, and
The winter wheat crop to be harvested next sum- compares with 323,465,000 bushels, the yield in 1925,
mer, therefore, starts with practically 2,000,000 when the crop was very short. The crop this year is
acres more planted than was planted a year ago, and below some earlier years. Most of the other crops
with nearly the same additional area over 1924. were generally quite satisfactory. The yield of toKansas naturally leads all other States in area bacco this year is placed in the final estimate at
planted with 11,962,000 acres, 26% of the total for 1,323,388,000 pounds, against 1,376,628,000 pounds
the entire winter wheat belt, and an increase of in 1925.
570,000 acres over 1925. The increase in Kansas is
The value of this year's crops, as estimated by the
about 5%. Oklahoma and Nebraska, two important Department of Agriculture based on farm prices
winter wheat States, also show a large area planted Dec. 1 is placed at $7,802,114,000, against the rethe past autumn, the former an increase of 6% and vised estimate for 1925 of $8,949,321,000, a decrease
the latter of 9%. The larger area planted to winter this year of $1,148,000,000. Corn holds first place in
wheat in the South is a fact of interest; Texas, with value again, according to these estimates, the amount
an area of 2,322,000 acres this year, shows a gain of for 1926 being $1,703,430,000, against $1,966,761,000
25% over 1925, and Georgia and South Carolina, for the 1925 corn crop, a decrease this year of $263,where the area is naturally not so large, have gains, 331,000. Parenthetically it may be said that a very
respectively, of 30% and 35%. Among other of the large percentage of corn never leaves the farm on
principal producing States, Missouri reports 10% which it is raised, but is used for feeding. Despite
increase;.Indiana 2% and Washington, where the the record production of cotton, the value of that
area is given at 1,235,000 acres this year, an increase crop this year is very much less than for 1925, the
of 40%. Illinois, Colorado and Oregon are given figures for the two years being, respectively, $1,016,the same area this year as in 1925, but for Ohio and 346,000 and $1,597,670,000, the latter for the year
Michigan a decrease appears.
1925. The. decline in the value of the cotton crop
As to the condition this year, in four of the States for this year is $581,324,000, the latter being more
of heavy production the crop appears quite satisfac- than one-half of the total reduction for 1926 in the
tory. For Kansas, the Dec. 1 condition this year is value of all crops. In considering the value of the
80% of normal; a year ago it was 84%, but the ten- cotton crop, it may be said that practically every
year average condition for that State is 80%. Ne- bale of cotton produced is sold and represents so
braska shows a condition of 80% of normal for much cash to the farmer. Wheat is the one crop that
Dec. 1 this year; Oklahoma 82% and Texas 85%. makes a good showing. That crop this year is valTwo Pacific Coast States, Washington and Oregon, ued at $997,589,000, compared with $957,907,000 for
reflect a condition this year of 98% and 97%, re- 1925.
spectively; a year ago the corresponding figures
were 68% and 82%, respectively. Michigan reports
The German Cabinet, of which Wilhelm Marx was
a condition this year of 88%, but for Indiana the Chancellor, but which was defeated in the Reichscondition is 76%; Illinois 71%; Ohio 66%; Missouri tag on Dec. 17 by a vote of 249 to 171, had enjoyed
73%, and Colorado 70%.
a comparatively long life, as European Cabinets go.
For the entire winter wheat area the Dec. 1 con- The New York "Herald Tribune" recalled the next
dition this year is put at 81.8% of normal, as against day that "the German Cabinet which fell yesterday
82.6% Dec. 1 1925; 81.0% Dec. 1 1924 and a ten-year received its second defeat of the year, for on May 12
average of 84.4%. Excessive rains in some sections, the same group of Ministers, then under the Chandrought in others and shortage of seed in some of the cellorship of Dr. Hans Luther, resigned following
States interfered with planting. The latter cur- an adverse vote in the Reichstag. Dr. Wilhelm Marx,
tailed the acreage in the sections affected. The the Minister of Justice, was called on by President
plant of this year's rye crop is more hardy than the von Hindenburg to form a Government after Dr.
plant of winter wheat. The condition of the rye Otto Gessler, the Minister of Defense, had failed
crop on Dec. 1 was 86.3%, compared with 83.8 Dec. 1 even to make a serious attempt to do so. Chancel1925, and a ten-year average condition of 88%. The lor Marx retained the old Cabinet intact and anarea planted to rye is 3,579,000 acres, against 3,513,- nounced his intention of continuing the Luther policies. These policies, comprehending an acceptance
000 acres last year.
The Department of Agriculture also announced of the realities of the post-war situation in Europe,
this week the final estimates for this year's crops. involved in foreign policy the adoption of the LoAnother slight reduction appears in the indicated carno program, including Germany's entry into the
yield of corn for the year 1926, and the final esti- League of Nations, and, more recently, the effecting
mate is 2,645,031,000 bushels, which compares with of a rapprochement with France, initiated at the
2,916,961,000 bushels for 1925. The final estimate celebrated Thoiry conferences of Foreign Minister
for spring wheat is also slightly lower, at 205,376,- Gustav Stresemann with Foreign Minister Briand
000 bushels. This makes the total yield of all wheat of France. Indeed, it was Dr. Stresemann's prestige
from the harvest of 1926 832,305,000 bushels, as acquired in his dealings with the Allied statesmen,
DEC. 25 1926.]
THE CHRONICLE
due to their confidence in his honesty of purpose,
which formed the main strength of the Cabinet."
It was rumored in a United Press dispatch from
Paris on Dec. 18 that "Foreign Minister Stresemann
may become both Chancellor and Foreign Minister
of Germany, in the opinion of French politicians."
It was added that "while a slight modification in
Germany's foreign policy may follow resignation of
the Marx regime in Berlin, Frapco-German rapprochement will continue to develop, it was believed." In an Associated Press cablegram from
Berlin on the same date it was stated that "Foreign
Minister Stresemann, who has been in poor health,
will start next week for a six weeks' visit to Egypt."
Still later that evening, Dec. 18, the Berlin representative of the New York "Times" declared in a
wireless dispatch that "Dr. Stresemann does not
want the job, preferring to devote his attention
whole-heartedly to foreign affairs, which under any
conceivable combination he will assuredly be permitted to do." In that dispatch also it was claimed
that "President von Hindenburg has sent a hurry
call to former Chancellor Luther out in Buenos
Aires to return to Germany by first boat. The President's thought of persuading the one-time Mayor of
Essen once more to head the National Administration also is the real motive for postponing the Cabinet building until after the holidays. The absence
of party leaders over Yuletide is a secondary reason."
Commenting upon the Cabinet situation in Germany as it existed at that time, the "Times" correspondent said: "Curiously enough there has been a
Christmas Cabinet crisis in Germany for three years
now. Last December Dr. Luther was kept busy
finding substitutes for the Nationalist Ministers
who resigned on account of their party's dislike of
the Locarno treaties. This time he would have no
trouble with the reactionary element on that score.
Since the security compacts and Reich participation
in the League of Nations have become faits accomplis the Nationalists have formally committed themselves to their fulfillment. It will be domestic poll.
tics that will prove the bone of contention when the
Reichstag reconvenes Jan. 19—and first and foremost the army of the german Republic."
Naturally, Paris was interested in the German
Cabinet situation. The New York "Times" representative at that centre cabled, likewise on Dec. 18,
that "the German Government crisis is being
watched with the deepest interest here, because Paris
feels that on the outcome depends in large measure
the development of the plan of Locarno which now
dominates European politics." He added that "if
the Marx Cabinet should be succeeded by a Government leaning toward the Right it would be regarded
here as German approval of the Nationalist leaders
and as approbation of the efforts of those chiefs to
obtain for Germany a stronger army than she is allowed under the Treaty of Versailles. This sort of
new German Government would heap difficulties
upon the shoulders of M. Briand, greatly weaken
French faith in his policy of reconciliation with Germany and inevitably strengthen the French Nationalists."
Apparently the formation of a new Cabinet in
Germany will not be undertaken hurriedly. In a
3223
special wireless message from Berlin to the New
York "Times" on Dec. 19 it was reported that "from
Lisbon, where he yesterday received President von
Hindenburg's message urging him to return as
quickly as possible to Berlin, former Chancellor
Luther wired the President that he could not undertake to participate in building a new Cabinet until
he returned to Germany and had had an opportunity
to familiarize himself with the political situation.
Dr. Luther is expected to arrive at Bremen on Tuesday and will proceed to•Essen, his home town, for
Christmas. When he will come to Berlin is not
fixed, but until he confers with President von Hindenburg no definitive action for solution of the Ministerial crisis will be taken."
The same idea was conveyed in the cable advices
from the same centre several days later. The representative of the New York "Herald Tribune" said on
Dec. 22 that "it is impossible to predict at present
how the German Cabinet crisis will be solved. The
uncertainty in political circles as to how a solution
of the internal situation can be found is perhaps
increased by the fact that the final decision on the
composition of the new Cabinet rests with President
von Hindenburg, who, it is felt, has been gaining for
some time in self-reliance and political judgment.
The 'Herald Tribune's' informant said that all those
with whom the President conferred after the fall of
the Cabinet were under the impression that the
President would follow a certain plan, which, however, he did not confide to any one."
Diplomatic negotiations often are conducted between representatives of different nations of which
the public has little or no real knowledge. This is
in accordance with well-defined plans. An illustration is furnished in a special wireless message from
Berlin to the New York "Times" on Dec. 20. It was
reported that "Foreign Minister Gustav Strescmann
will meet Premier Benito Mussolini after the new
year, if the German statesman thinks that such a
meeting is likely to be worth while for the Reich.
His decision will depend on the result of diplomatic
soundings now being made in Rome. Naturally,
Dr. Stresemann wants to be in a position to guide
and delimit the scope of the parley, and he i3 a bit
alarmed lest the Italian Premier takes the conversational bit between his teeth and gallops off into
highly controversial byways. That is the substance
of the information obtained by inquiry in quarters
close to the Foreign Minister. The official spokesman for the Wilhelmstrasse is unusually reticent
about his chief's plans. He concedes that Dr. Stresemann will leave Berlin for several weeks on the advice of his doctors, probably on Dec. 27, but whether
he will go to Egypt via Italy or elsewhere he refuses
to say."
Before leaving for his trip Dr. Stresemann made
a speech that attracted much attention and caused
generally favorable comment, according to a special
Berlin dispatch to the New York "Herald Tribune"
under date of Dec. 20. It stated that "the course of
Germany's foreign policy remains the same despite
the downfall of the Marx Cabinet last week, declared Foreign Minister Gustav Stresemann, speaking in the Hamburg City Hall to-night. A notable
gathering, including the Burgomeister, Dr. Petersen, and the Consuls of the principal nations, heard
3224
THE CHRONICLE
Dr. Stresemann promise that Germany would follow
the path opened at Locarno, Geneva and Thoiry, regardless of political changes at home." The correspondent added that "Dr. Stresemann's speech was
awaited with keen anticipation, for it was his first
pronouncement since he returned to Berlin from
Geneva, where he won a notable diplomatic success
for Germany in obtaining an agreement for the termination of inter-Allied military control of Germany
on Feb. 1. Dr. Stresemann was to have delivered
this speech in the Reichstag last week, but the unexpected political crisis necessitated its postponement."
Evidently the speech was not well received in
Paris. The New York "Herald Tribune" representative at that centre cabled on Dec. 21 that "Foreign
Minister Stresemann's speech at Hamburg yesterday did not bring a very happy echo from France.
Although he is temporarily unseated, it is regarded
here as certain that he will be renamed in the new
Cabinet, which possibly may include the anti-French
Nationalist group. It is the latter possibility which
makes his statement that the abandonment of interAllied military control over Germany is only one of
the things which Berlin intends to get seem ominous
to Frenchmen. The leading political papers to-night
also magnify the Minister's assertion that it is now
generally recognized that Germany at last has fulfilled the obligations laid upon her by the Treaty of
Versailles. This contention is disputed by papers
like 'Le Temps,' the 'Journal des Debats' and ‘L'Intransigeant.'"
[VoL. 123.
the day after to-morrow—the Germans' gift-giving
takes place on Christmas
have been bought
on tick. This is significant as demonstrating that
both buyers and sellers believe in a future prosperity
for all."
Favorable reports relative to business in general
in Germany have been received. The Associated
Press correspondent in Berlin cabled on Dec. 23
that "a substantial improvement in the general business situation is indicated in reports from all parts
of Germany to the American Chamber of Commerce
here." The Chamber, in its statement, said in part:
"There is more than ever before a nation-wide realization that the process by which Germany is rehabilitating herself cannot be forced. Capital and labor
are working more in harmony, in spite of all the
legislation labor obtained for itself in the early days
of the republic. From all indications the second
half of 1926 will show a favorable development of
economic life in Germany, which has been enhanced
greatly by the coal strike in England. The money
market during the past few months especially has
been elastic even on the critical month-end days, and
commercial credits are being arranged with more
facility. There is still to be solved the problem of
equalizing rates of interest on the different forms of
credit, notwithstanding that much has been accomplished in this direction. Another good sign is
the increase of accumulated capital within Germany, which reflects the increased profits of industry."
Still another European Government has sucBerlin will have the most cheerful Christmas since
the war, according to a special wireless message cumbed.to revolution and a dictator. Reference is
from that centre to the New York "Times" under made to the overthrow of the Lithuanian Government
date of Dec. 22. The correspondent said in part: early in the morning of Dec. 17. According to a spe"Santa Claus is doing business in Berlin this year cial cable dispatch from Riga, Latvia, to the New
like a Florida realtor in the good old days of the York "Times" on that date, "a military coup d'etat
boom. Rated as the most commercially popular pur- was carried out at Kovno at 3 o'clock that mornveyor of Yuletide cheer, Santa would rival Henry ing. The insurgents, under General Antona SmetFord. For open-faced and open-handed spending, ona, ex-President, usurped the entire machinery of
there has never been so opulent a Christmas in all the Lithuanian Government and arrested the Presithe history of the German Empire or Republic. dent of the Republic, Dr. Grinius, and all the MinMarks with sold gold backing in the Reichsbank are isters they could lay hands upon. Communication
being poured out with the frantic haste that charac- with Riga was interrupted for some hours, but later
terized the expenditure of the rapidly falling paper messages came through stating that everything was
money a little over three years ago. Hundreds of quiet and that the insurgents had taken over the
millions of marks—far more than was borrowed Administration. Apparently the chief cause of the
abroad to stabilize German currency—are being coup was widespread discontent with Premier Siespent in Santa Claus's honor by Berliners alone, zevicius and his Government over its pro-Soviet
and the same lavish outlays are reported all over the policy and its leniency toward the Communists in
country. A special feature of this season's buying _Lithuania." It was added that "to-day was the 60th
is the fact that not cash alone but, for the first time 'anniversary of the birthday of the President of the
since the war, credits are being freely dispensed. In Republic, and seemingly the insurgents chose the
Berlin to-day almost every non-perishable commod- occasion for their attempt because the movement of
ity can be purchased on the installment plan. The troops would be assumed to be in connection with
biggest department stores and specialty concerns the birthday celebration." The dispatch stated that
give their customers an entire year in which to pay. "the military leader of the insurgents is a former
Anybody earning good wages and holding a respect- Czarist officer, Major Plekhavicius, who immediable position can enjoy this liberal form of credit. ately liberated the former Czarist Colonel Glavacky
Everywhere one sees advertisements begging one to and appointed him Commandant of Kovno. Colonel
buy by installment. Hermann Tietz, head of a string Glavacky was arrested by the Siezevicius Governof huge establishments selling everything from ment a week ago for propagating Fascism."
In his account of the revolution the Warsaw reprelimousines to safety pins, has financed his credit system with 45,000,000 marks and his competitors are sentative of the New York "Herald Tribune" exnot far behind him. It is safe to say that 50% of plained the movement in part as follows: "The
the Christmas gifts that will be exchanged in Berlin Slezevicius Government assumed the reins in June
DEC. 25 1926.]
THE CHRONICLE
after the elections had routed the previous reactionary regime. The new Cabinet sought to pursue a
policy of friendship with neighboring nations and
strove for appeasement of the minorities within the
Lithuanian borders. But a long period of bad crops
led to economic difficulties. To-day's overthrow of
the Government followed a general strike of the
workers in Kovno for higher wages, a situation
which proved too great a problem for Premier Slezevicius. Smetona was President of Lithuania six
years and was pro-German during the war."
The crisis caused by the revolution appeared to be
of only one day's duration, according to cable advices under date of Dec. 18. It was stated in an
Associated Press dispatch from London on that date
that "the crisis caused yesterday by the military
coup d'etat directed by General Smetona has come
to an end,says a message received to-day from Kovno
by the Lithuanian Legation. The message said
President Grinius, after accepting the resignation of
the Slezevicius Cabinet, resumed his normal duties
in Kovno. He has appointed Professor Valdemaras
Premier and Minister of Foreign Affairs, and other
Nationalists as members of the new Cabinet. These
include Colonel Merkys as Minister of Defense and
Dr. Kervelis as Minister of Finance."
According to a Washington dispatch to the New
York "Times" the same evening, the Lithuanian Legation at that centre had received official notification of the appointment of the new Cabinet, with
Professor Valdemaras as Prime Minister and Minister of Foreign Affairs. Dr. P. Karavelis, former
Minister of Finance, accepted the same position in
the new Cabinet. The "Times" correspondent at
Washington said also that" a second telegram announced that the changes were effected without
bloodshed, that the provinces had remained calm
and that the new Cabinet had embarked on its task.
It was added that 'the rumors reporting concentration of Lithuanian troops on the Polish frontier are
false.'"
The strife for control of the Government of Rumania has continued, judging from the cable dispatches from Bucharest, Paris and other European
centres. It was claimed in an Associated Press
cablegram from the French capital on Dec. 20 that
"King Ferdinand of Rumania wants to abdicate the
throne and restore former Crown Prince Carol to
the succession he renounced on Jan. 4 last. The
King made this wish known to his Ministers at a
secret council held in Bucharest last week, it is
learned from a high Rumanian political source in
Paris. As a result of the King's ultimatum' to his
Ministers, General Coanda was sent to Paris and
already has advised Ferdinand Carol is willing to
comply with his father's wishes, but under several
conditions. These are, first, that King Ferdinand
must acquiesce to Carol's divorcing Princess Helen
—that,if possible, she must leave the country before
his return—and, second, that before he ascends the
throne the present Government must be thrown out
and a democratic Cabinet headed by Professor Jorga
and comprising the leaders of the new NationalistPeasant Party must receive power." It was added
that "the secret council was attended by Queen Marie, Premier Averescu, Ion Bratiano, who is some-
3225
times called 'the uncrowned King of Rumania,' General Coanda and other leaders."
King Ferdinand has signified a desire to go to
Paris for radium treatments, according to an Associated Press message from Bucharest on Dec. 18,
but it was reported in the same dispatch that the
Rumanian Cabinet was opposed to his going, and
that this "has made it uncertain whether the trip
will be attempted." It was also claimed that "the
King's condition is steadily improving. Radium
treatment will be used eventually, but it is pointed
out that this can be given as readily at Bucharest as
at Paris, while the political results of his absence
from his Kingdom might be serious." In a communique from the palace on Dec. 23 it was claimed that
the King had made still further improvement.
The rumor was in circulation in Paris toward the
end of the week that the Bank of France had
"pegged" the franc. This proved to be incorrect, according to a special cable dispatch to the New York
"Times" on Dec. 23. It stated that "when the exchange market opened to-day representatives of the
Bank of France announced that they would buy or
sell foreign exchange to any amount at the then
prevailing rate, namely, 25.19 for a dollar and 122.50
for a pound. Then, for the first time in years, the
Exchange quotations for the day stood still." It
was added that "this action, following the measures
taken by the Bank of France yesterday and the day
before to bring the pound from 118 to 122, quickly
gave rise to a report that the Government had decided to peg the franc at its present value. Inquiry,
however, showed this to be incorrect. Action by the
Bank of France is not strictly a Governmental measure, and there is good reason to believe that the directors of the Bank will act over the holidays, getting the dollar back to 26 or thereabouts and the
pound to 125."
The New York "Herald Tribune" representative
added that "it was the first time in months, probably
in years, that the franc has not wavered a fraction
of a point in official quotations all day. And as the
franc 'stayed put,' speculation was rife in French
financial circles as to whether Premier Poincare is
planning definite action now to effect stabilization,
or whether he is about to inaugurate some kind of
temporary stability. Whatever the purpose desired,
the effect was gained with astonishing success, and
it now appears that the franc is not likely to fluctuate to any extent, if at all, over the holiday weekend. What the developments may be then can only
be guessed."
Contrary to the foregoing, it was definitely stated
in an Associated Press dispatch from Paris last evening that "the Poincare Government to-day decided
to take control of the exchange situation, and to
maintain the French franc at a price between 121
and 123 to the pound sterling (25 to 25/
1
2 to the dollar, or approximately,4 cents). It was intimated in
official circles this decision of the Government will
amount to virtual stabilization of the franc within
those narrow limits. The movement got under way
Wednesday, when the Bank of France began the purchase and sale of francs at around 122 to the pound
and 25.15 to the dollar. It continued yesterday,
with few fluctuations, at 122.25 to the pound and
3226
THE CHRONICLE
25.19 to the dollar. The Government's decision to intervene was taken as a warning to speculators they
must get out of the market or take the risk of being
pinched. The entire movement is characterized in
official circles as 'prestabilization!"
The French budget, unusually large, has been
passed by the Senate, as well as the Chamber of
Deputies. Announcement was made in a special
Paris dispatch to the New York "Herald Tribune"
on Dec. 17 that "the French Senate to-day voted the
budget by an overwhelming majority, 280 votes to 6.
Accordingly, for the first time in 40 years France's
budget will be enacted before Christmas. The prospects are that it will become law on Monday, thus
adding another record of pressure legislation to the
achievements of the Poincare Cabinet." It was
added that "the budget as voted provides for receipts
of 39,627,340,592 francs and expenditures of 39,522,293,535 francs, leaving the comparatively small balance of 105,047,057 francs." Commenting upon the
accomplishment of M. Poincare, the New York
"Times" representative in Paris said in a cable dispater the next day that "as alert and alive as when
he began his task two months ago of shoving through
in record time the biggest budget France ever
dreamed of having, 65-year-old Premier Raymond
Poincare is to-night at the end of that task. He has
done what no one has done for 40 years—got the
French budget voted before the Christmas holidays,
and that other budget of 40 years ago was the merest
minnow to the 40,000,000,000-franc whale which the
former President of the Republic has to-night successfully landed." It was added in an Associated
Press message from Paris on Dec. 20 that "the vote
in the Chamber was 405 to 145." Parliament adjourned early the next morning.
When the French Parliament reassembles on Jan.
11, it was reported in a Paris dispatch on Dec. 22
that, "as matters now stand consideration of the
supplementary budget for 1926, taking care of extraordinary expenses not provided for in the regular
budget, will come up first. It has not yet been disclosed what exact amount will be asked, but the
deficit probably will run to something more than
1,000,000,000 francs."
Although there seems to be little or no probability
of a general disarmament conference even being
called in the near future, one or more European
Powers have taken steps to reduce their military
forces. France is the most recent. On Dec. 19 the
Paris correspondent of the New York "Times" cabled
that "before Parliament adjourned early this morning the Chamber voted a resolution calling on the
Government to begin to put into effect the changes in
army recruiting which would lead to placing the
military system of France on a one-year basis by
May 1929." The "Times" correspondent explained
the plan as follows in general terms: "This would
be done by starting in 1927 calling men to the colors several months after the age of 20 years, with
the result that in May 1929 they would all be called
at the age of 21 instead of 20, and for one year instead of 18 months. The effect of reducing military
service from 18 months to 12 months would be to cut
the army by 125,000 men, each year's class numbering about 250,000. The present plan would make a
[VOL. 123.
cut of about 80,000 in 1927, about 110,000 in 1928 and
125,000 in 1929, calculated on a rather complicated
scale. However, this does not mean a flat reduction
of 125,000 men in the strength of the French army,
for it is part of the Government's plan to increase
the professional army from 160,000 to 200,000 men.
It is also probable that there will not be a reduction
in the number of officers corresponding with the cut
of 125,000 men. Changes in organization will be effected by reducing the effectives of units while retaining largely their skeleton formation. At the
present time the French army is made up of 450,000
metropolitan troops, or troops stationed in France,
plus 150,000 troops stationed outside of France.
Putting into effect the proposed reform would mean
leaving France an army of approximately 500,000
instead of 600,000 now with the colors."
An unfortunate controversy appears to have
arisen between the Pope and Premier Mussolini of
Italy. In a special wireless message from Rome to
the New York "Times" on Dec. 20 it was stated that
"severe condemnation not only of violences suffered
by Catholic churchmen and institutions after the
last attempt on Premier Mussolini's life, but also of
the Fascist conception of a State which, 'monopolizing and absorbing everything, makes of the State
an end in itself and of citizens mere means to that
end,' is contained in an allocution delivered by the
Pope in a secret consistory at the Vatican this morning." It was explained that "the consistory was
held for the purpose of elevating to the purple two
Italian prelates, Mgr. Giuseppe Gamba, Archbishop
of Turin, and Mgr. Lorenzo Lauri, Nuncio to Poland."
The allocution, on the other hand, was not easy to
understand, as it was stated that "the Pontifical
wrath, however, is tempered by such manifest expressions of deep esteem (indeed one might almost
say of sympathy) for Mussolini personally and of
praise for some legislative acts of the Government
that this allocution is considered by many as deserving to rank as one of the most noteworthy landmarks
on the road of conciliation between Church and
State in Italy. Pius refers to the Premier as 'the
man who with such energy governs the fate of Italy.'
He says the attempt on the Premier's life caused
such widespread indignation and horror as to 'make
us believe the whole nation is in danger when he is
endangered.' He alludes to the 'almost visible intervention of Divine Providence' to save the Premier's
life and to his 'perfect, indeed portentous, invulnerability.' He mentions the 'storm of jubilation, congratulation and thanksgiving' which followed the
news of his escape from death and announces that
he himself was among the first to render thanks to
God for sparing Mussolini's life." The "Times" correspondent asserted, furthermore, that "never in the
history of the Papacy has any Pontiff addressed
words so full of sympathy to any head of the Italian
Government. Even previous attempts on the Duce's
life, though they were sternly stigmatized by the
Pope, failed to draw from him any expressions comparable to these for warmth of feeling."
The charges made against Fascism by the Pope
naturally were resented by the Government. On
Dec. 21 the Associated Press representative in Rome
cabled that "the Italian Government considers
DEC. 25 1926.]
THE CHRONICLE
3227
'strange, surprising and uncalled for' Pope Pius's oughly than Stefan Raditch
does Croatia and his
pointed criticism of Fascism's religious policies con- retirement home (follow
ing, as it does M. Raditeh's
tained in yesterday's allocution, the Associated return to Zagreb), does
not improve the chances of
Press to-day was informed by a Government spokes- M. Davidovitch in giving
the King of the Serbs,
man. The Papal declaration, which is felt to have Croats and Slovenes the
concentration Cabinet he
eliminated any hope of a speedy reconciliation be- desires." Up to the time
of going to press word had
tween Church and State in Italy, came as such a not been received of the
formation of a new Cabinet.
shock to political circles generally that the greatest
reticence is being observed, while the newspapers
The rounding out of the so-called European "steel
have not printed a word of comment." It was trust" appears
to have made progress. Announceclaimed by the Government representative that "in- ment was made
in a special wireless message to the
cidents of violence against Catholic individuals and New York "Times
"from Berlin on Dec. 21 that"Gerorganizations, upon which the Pontiff based his many
has been officially admitted into the Erma,.
criticism, it was declared, are definitely things of or Europe steel
an
rail trust, the first iron and steel
the past, having occurred as a spontaneous and mo- accords
which have knit the Continental metallurgimentary reaction, lasting for only a few days after
cal industries into one of the most powerful trade
the most recent attempt on Mussolini's life. Since combinations
in the world. When the rail trust was
then, said the Government spokesman, nothing has formed
last March Germany tentatively agreed to
occurred to occasion the Pope's remarks, while the
become a member, but later withheld full participaGovernment has maintained its policy of friendlition because of the controversy over the question of
ness to religion and has taken the severest steps to British colonia
l markets. Germany maintained that
prevent recurrence of excesses." It was added in a
the British colonies should be thrown open to the
subsequent Associated Press dispatch the same evemembers of the trust on the same basis as the rening that "an entirely new issue arose to cloud the
mainder of the foreign markets, but the British rehorizon of Premier Mussolini's consistent efforts to
fused, claiming the right to reserve strictly British
achieve permanent friendly relations between the colonia
l markets for themselves. After many months
Church and the State. The Italian Government inof discussion Germany has finally agreed to accept
terpreted the criticism of the Administration conthe British position. It is reported, although contained in the Pope's allocution yesterday as contestfirmation is lacking, that in return the Briting Fascism's right to control the education of Italish and other members of the rail trust have
ian youth. The point, an official spokesman asserted
decided that German shipments of rails under the
to the correspondent of the Associated Press, is the
Allied reparations account will not be included in
fundamental feature of the allocution, which is conGermany's quota allotted under the trust arrangesidered the most important political utterance since
ments. Thus'Germany would have additional tonthe beginning of the present Pontificate." It was
nage for disposal in world markets." It was stated
further explained that"the Government,on the other
likewise that "Czechoslovakia also has been formally
hand, is insistent that the Fascist and church oradmitted to the trust, the members of which now
ganizations for youth can continue to co
-exist am- include Britain, France, Belgium, Luxemburg and
icably provided the former will scrupulously steer Germany.
The members report that the first eight
clear of religion and the latter of politics. To dispel months the
truA was in operation proved very satisthe Holy See's fears, Mussolini intends to hasten the factory and
that plans are being made for next year
publication of the new statutes of the balilla to prove to call
for the beginning of an intensive campaign to
that there is no foundation for alarm."
obtain the largest possible share of the world markets. When these plans get well under way steel
Little or no success attended efforts early in the
men here believe the American rail interests will
week to form a new Cabinet for Jugoslavia. In fact,
find themselves faced with serious competition in
it was stated in a special wireless message from Belthe markets they now control."
grade to the New York "Times" on Dec. 21 that,
"after a fortnight of ineffectual attempts to form a
The British Labor Party won a decisive victory at
Cabinet, Premier Uzunovitch gave up the task this
by-election on Dec. 21. Word came from London
a
afternoon, informing the King it was impossible to
reach an agreement with the various parties. The late that evening that "Oswald Mosley, called by his
opponents the 'Silver Spoon Socialist' because of his
King to-night charged ex-Premier Lioba Davidovitch,
wealth and aristocratic affiliations, won the Smethleader of the United Democratic and Bosnian Moslem
parties, to form a wide concentration Government, wick by-election to-night for Labor by almost seven
capable of maintaining a working majority in the thousand majority. He polled 16,077 votes, compresent Parliament. Professor Davidovitch ac- pared with 9,495 for the Conservative candidate.
The Liberals polled 2,600, a big falling off in the concepted, though he expressed little hope of success.
stituency." The New York "Times" correspondent
He begins negotiations with the ten other parties
in London explained that "the issue was decided
to-morrow." It was further explained that "meanwhile, the political situation took a more serious only after one of the hardest fought by-elections of
recent years, one, too, that was colorful with inciturn through a statement issued to-day by Dr. A.
dent
and piquant with personalities. It revealed not
Korosetz that his Slovenian Clerical Party has deonly social caste divided against itself in the person
cided to leave Belgrade because the Serbian parties
of the fur-coated and silk-hatted Mosley denouncing
have refused to meet their terms or do anything for
capitalism and class privilege, but also provided an
Slovenia. They will return to Slovenia and let Slointeresting spectacle of domestic disunion between
venian public opinion determine their future policy.
Oliver Baldwin and Miss Betty Baldwin." These
As Dr. Korosetz controls Slovenia even more thorare a son and daughter of Prime Minister Baldwin.
3228
[VoL, 123.
THE CHRONICLE
The son has been openly opposed for some time to his
father's political policies, and has even "declared
himself a Socialist and critic of all his father stands
for." The daughter, on the other hand, is a supporter
of the Conservative Party and even drove J. Marshal Pike, the candidate of that party in this particular election, about for an entire day in her motor
car.
Great Britain, so far in its present fiscal year, has
a big deficit in its budget. It is hoped that this large
amount will be considerably reduced during the
fourth quarter of the fiscal period. The situation
was set forth in part as follows in a special London
cable dispatch to the New York "Times" on Dec. 22:
"The New Year rejoicings in Britain will be materially dampened by the thought that the country is
confronted with a budget deficit for the fiscal year
1926-1927, which may reach an alarming figure.
Just now with three-quarters of the fiscal year gone
the deficit has reached £140,000,000 (nearly $700,000,000). During the next three months, however—
the last quarter of the fiscal year—there will be big
receipts which will greatly reduce this deficit, but
even then the total on the wrong side of the national
ledger is practically sure to reach a staggering
height. This will be especially saddening to Britons
in view of the fact that a year ago the Chancellor of
the Exchequer, Winston Churchill, actually prophesied for the fiscal year which will end next March a
budget surplus of £4,000,000. That was before the
general strike, however, and before the wearisome
coal strike, both of which upset all his optimistic
calculations and cost Britain directly and indirectly
vast sums. And now the extremely serious question
arises, whence is new revenue to be derived in the
fiscal year 1927-1928 to offset the unwelcome legacy
left by 1926? Since Mr. Churchill made his prophesies last March the Government has been faced with
enormous emergency expenses. In order to provide
relief necessitated by the strikes £8,000,000 was supplied by the Government to Boards of Guardians.
This and similar unexpected disbursements completely swallowed up Mr. Churchill's estimated surplus. In devising new sources of revenue the Government must tread warily, lest it further decrease
its already seriously impaired popularity. The
chances are that it will exhaust all possible means
of raising money before it increases the income tax.
That unwelcome burden has already reached a point
where it weighs heavily on all Britons, eliciting from
even
them deep and heartfelt groans. To increase it
the
break
would
slightly might be the straw that
unan
into
nment
Gover
camel's back and plunge the
it."
to
fatal
popularity which might prove
market discount rates have not been changed from
4%.
4%, nor in Switzerland from 23
61/
The Bank of England in its statement for the week
ending Dec. 22 showed a loss in gold amounting to
£149,772, in addition to which note circulation increased £1,397,000, hence causing a loss in reserve
of £1,546,000. A decline to 25.32% in the proportion
of reserve to liabilities occurred, this comparing
with 26.80% last week and 30.28, the high peak of
the year, reached on Sept. 22. At this time a year
8%.
/
ago the ratio stood at 14.75 and in 1924 at 145
deposother
but
00,
Public deposits increased £989,0
its fell off £159,000. Loans on Government securities rose £2,460,000, but loans on "other" securities
declined £34,000. Gold holdings now are £151,943,215, which compares with £144,621,643 in 1925 and
£128,524,369 in 1924 (before the transfer to the Bank
of England of the £27,000,000 formerly held by the
Redemption Account of the Currency Note Issue).
Note circulation is now £141,286,000. This compares with £145,728,590 in 1925 and £129,751,995 a
year earlier. No change has been made in the Bank's
minimum rate of discount from 5%. Clearings
through the London banks for the bank week were
£731,959,000, as against £812,186,000 last week and
de£839,849,000 a year ago. We append herewith
the
of
items
pal
princi
tailed comparisons of the
Bank of England return:
STATEMENT.
BANK OF ENGLAND'S COMPARATIVE
1922.
1923.
1924.
1925.
1926.
Dec. 27.
Dec. 26.
Dec. 24.
Dec. 23.
Dec. 22.
128.142,780 124.877,670
6141,286,000 145,728.590 129.751.995 15,682,105 13.323,799
Circulation
12,134,000 17.651,838 14,852,431 116,779.958 119,903,482
Public deposits
53
111,280.9
1
107,939,000 108,300,20
Other deposits
41,919,363 49.604,532 51,967,900
Governm't securities 31.338,000 45,422.526 83,590,163 81,072,961 78,158,131
Other eecurities_ _ _ _ 86,279.000 79.796.152 16.689,085 19,688,602 21,015.337
Reserve notes & coin 30,407,000 18,643,053 128,524,369 128,019,382 127,443,007
Coin and bullion...2151,943,215 144,621,643
Proportion of reserve
153.1%
1434%
1444%
143%
25.32%
to liabilities
3%
4%
4%
5%
5%
Bank rate
bullies
and
coin
gold
00
1925, £27,000,0
a Includes, beginning with April 29
issued and which was transferred to Um
previously held as security for currency note
t's decision to return to gold standard.
Bank of England on the British Governmen
29 1925, includes £27,000,000 of Dank
b Beginning with the statement for Aprilsame amount of gold coin and ,bullion
of England notes issued in return for the
account of currency note issue.
held up to that time in redemption
•
this week
The statement of the Bank of Francecirculation,
note
in
ction
contra
large
r
furthe
a
showed
namely, 302,918,000 francs. The total of notes in
75
circulation is thus brought down to 52,233,528,7
francs
85
,825,7
49,932
with
francs, which compares
at the corresponding period last year and with 40,gs
603,965,140 francs the year before. Gold holdin
For
francs.
0
809,60
to
5,548,
expanded 3,500 francs
the same time last year the holdings were 5,548,089,The
492 francs, and in 1924, 5,545,118,920 francs. uned
remain
Bank
the
to
edness
indebt
State's
total
changed to 36,450,000,000 francs. In 1925
,000,000
34,650
ated
aggreg
State
the
to
es
advanc
00
francs and the year previous to 22,600,000,0
were:
report
Bank's
the
in
s
change
Other
francs.
nted,
Silver was increased 1,000 francs; bills discou
,000
18,586
s,
deposit
ry
Treasu
francs;
79,341,000
.
francs
,000
40,747
francs, and general deposits,
Com.
francs
,000
38,936
fell
es
off
advanc
Trade
return
parisons of the various items in this week's
pondcorres
with
and
week
of
last
ent
with the statem
:
follows
as
ing dates in both 1925 and 1924 are
ean cenOfficial discount rates at leading Europ
m, Italy
Belgiu
in
7%
at
tres continue to be quoted
2% in
1
/
5
;
Berlin
in
6%
2% in Paris;
1
and Austria; 6/
% in
2
1
/
4
d;
Madri
and
n
Denmark; 5% in Londo
STATEMENT.
DANK OF FRANCE'S COMPARATIVE
and
d
Hollan
Status as of
in
%
2
1
/
3
Changes
Sweden and Norway, and
24 1925. Dec. 25 1924.
Dec.
Dec. 22 1926.
Week.
Francs.
nt rates Gold Holdings— JO?Francs.
Francs.
Francs.
585 3.680.798,013
Switzerland. In London open market discou
3,683,768,
693
3,500 3,684.488,
Inc.
907
1,864.320,
France
In
907
Short bills Abroad
1,864,320.907 1,864,320,
Unchanged
were steady and practically unchanged.
5,545.118.920
492
5,548.089,
3,500 5,548,809,600
Inc.
2
69
:
0
5:
10
74
5,2
8@411-16%, and three
/
30
Total
30
320,076,005 2.,
340,717,270
closed at 4 11-16%, against 43
1,000
Inc.
155
d
er
i
v
i
tit
ago.
week
Inc. 79,341,000 3,642,319,514 3,693,445,
a
—
as
lecounted
le
same
the
months' bills at 4 9-16%,
Dec. 38,936 000 2,155 003 869
2,614101
95
96
0,621:73:6
825.785 45
dancies
775 49'932'
Dec302,918 000 52.233'528'
easier, ruling Note
c rculatIon
Money on call at the British centre was
4
3
:
3,
5
1,91
4
5
9
1
:24Stg:
,(145 3.
?:
)
00043 5,3g,37
,0
.22.600,000,000
_Aglk
its
e ta
but closed l'reenlesruarlYdeliZ
36,450,000,000 34,650,000:000
at 334%, the greater part of the week,
Advances to State__ Unchanged
open
8% last week. In Paris
/
at 414, against 43
WV
DEC. 25 1926.]
THE CHRONICLE
The weekly statement of the Imperial Bank of
Germany, issued on Dec. 20, as of date Dec. 15, revealed another large contraction in note circulation,
namely of 125,057,000 marks, although this was
offset by expansion in other maturing obligations of
125,467,000 marks. Other liabilities, however, decreased 43,093,000 marks. On the assets side, the
Bank reported an increase of 19,050,000 marks in
holdings of bills of exchange and checks and of
3,060,000 marks in silver and other coins. Reductions occurred in reserve in foreign cufrencies of
18,716,000 marks, in advances of 98,556,000 marks
and in investments 14,000 marks. Notes on other
banks increased 6,035,000 marks and other assets
increased 37,571,000 marks. A further substantial
addition to gold and bullion holdings was recorded,
viz., 17,281,000 marks, so that the total stock of gold
now aggregates 1,772,261,000 marks, in comparison
with 1,207,666,000 marks last year and 696,185,000
marks in 1924. The Bank's outstanding note circulation is now 3,165,804,000 marks, as against 2,566,327,000 marks a year ago.
Important changes, indicating heavy shifting of
funds to meet holiday needs, as well as the effects
of Treasury financing, were shown in the Federal
Reserve Bank statements, issued at the close of business on Thursday. Expansion in open market operations and in rediscounting of all classes of paper
figured in both reports. For the System as a whole
paper secured by Government obligations increased
$100,400,000, while "other" bills expanded $52,700,000. Holdings of bills bought in the open market
increased $3,400,000. The amount of Federal Reserve notes in actual circulation was augmented by
$73,800,000, which the Federal Reserve Board construes as reflecting holiday demands, but there were
large decreases in most of the other items. The
United States Treasury redeemed the $188,000,000
of temporary certificates issued the previous week
to the Reserve banks pending the collection of the
December installment of the income taxes, and accordingly holdings of Government securities were
reduced in the large sum of $163,833,000. However,
total bills and securities (earning assets) declined
only $7,200,000, owing to the great increase in rediscounting. Member bank reserve accounts declined
$135,800,000 and deposits fell off $84,500,000, while
gold reserves declined $27,500,000. At New York a
gain in gold of $38,500,000 occurred. Rediscounting of all classes of paper rose $74,200,000, to $174,244,000, although this total is still well below that
of a year ago, when the amount was $228,186,000.
Open market purchases gained $4,500,000. Total
bills and securities fell off $71,500,000. Deposits
declined $56,800,000 and member bank reserve accounts $79,400,000, but Federal Reserve notes in
actual circulation gained $17,700,000. As to reserve
ratios, an advance occurred locally, but a loss for the
banks as a group, which brought the level down to
68.9%, or 0.8% off. At New York the ratio rose
4.7%, to 76.2%.
Last Saturday's statement of the New York Clearing House banks and trust companies showed the
effect of preparations to meet holiday requirements,
and once more surplus reserves were completely eliminated and a deficit of over $5,000,000 in reserves
3229
recorded. Loans increased $13,629,000 and net demand deposits moved up $14,074,000, making the
total of these demand deposits $4,402,609,000, not
counting $39,680,000 in Government deposits, an
increase of $22,165,000 for the week in the latter
item. In time deposits there was a falling off of
$2,707,000, to $651,232,000. Cash in own vaults of
members of the Federal Reserve Bank was augmented $5,293,000, to $55,403,000, which, however,
does not count as reserves. State bank and trust
company reserves in own vaults increased $529,000,
and reserves kept by these institutions in other depositories showed a gain of $743,000. Member banks
drew on their reserves in the Federal institution to
the amount of $18,169,000; and this, in conjunction
with larger deposits, served to bring about a loss in
surplus of $18,695,400, thus wiping out the previous
week's surplus and replacing it with a deficit in
reserve of $5,036,920, which compares with last
week's excess reserve of $13,658,480.
Because of'the fact that to-day (Saturday) is a
holiday (Christmas), the Clearing House bank statement for the current week was given out at the close
of business yesterday (Friday). The figures show
some big changes, the outgrowth of Treasury financing and the Christmas demand for money. Loans
recorded the huge expansion of $103,371,000 and this
was attended by an increase of $60,219,000 in demand deposits and of $10,584,000 in time deposits.
As a result, a surplus reserve of more than $40,000,000 was achieved. Probably,however, the most noteworthy development was an addition to reserves of
member banks in the Federal institution of $54,487,000, the result of borrowing at the Federal Reserve Bank. This served'to eliminate last week's
deficiency in reserves and to give, instead, a surplus
reserve in amount of $41,193,430.
Call money reached 6% on Thursday. Up to that
time 51/
2% had been the going rate. Even when the
6% quotation prevailed there was no real change in
time money from 4%@43
4%. This was regarded as
particularly significant. It was generally assumed
that the advance to 6% for demand loans was an
incident closely associated with the preparations for
the tremendous dividend disbursements on or about
Jan. 1, in addition to the usual interest payments.
Firm call money all next week was expected until
the large offerings yesterday became known, causing
the rate to decline to 5/
1
2%, and the publication of
the actual statement of Clearing House banks,
which disclosed an excess reserve of $41,193,430,
against a deficit of $5,036,920 last week. On
Thursday alone the calling of loans was said to have
reached $25,000,000. The same figure was reported
for a single day early in the week. The actual Clearing House members' bank statement last Saturday
foreshadowed the probability of an extensive calling
of loans this week in order that the member institutions might build up their balances. This week's
figures indicated that the situation had been
corrected. It is worth noting that on Thursday, whereas the offerings at the opening
2 for call money were rather modrate of 51/
erate, they increased considerably when the 6%
quotation was reported, so that borrowers experienced no difficulty in satisfying their requirements.
3230
THE CHRONICLE
Most of the reports that have come to hand this
week have disclosed a smaller turnover in business.
That this was the trend, even in November, is shown
by the statements of railroad earnings for that
month that have been made public. Both the Union
Pacific and Southern Pacific, for instance, reported
rather substantial decreases in their gross earnings.
The "Iron Age" indicated a still further drop in
new business in the steel trade. Automobile plants
are being shut down for the annual taking of inventories, but most of the leading officials are talking
confidently about the outlook for next year. There
has been further heavy buying of investment securities in anticipation of the unusually large disbursements at the beginning of th6 New Year and the
offerings of new securities have continued large.
[VoL. 123.
Withal the undertone was firm and buying orders
were sufficient to absorb all bills on offer. For a
time French and Italian interests appeared in the
market as, sellers and the pressure momentarily drove
sterling prices down a fraction. The weakness,
however, was short lived. With the culmination of
the selling movement, values commenced to advance
and the close was at the best for the week. The entire
range of quotations was only N, demand bills ruling
between 4 84 9-16 and 4 84 13-16 up to Friday,
when there was an additional advance to 4 85.
With the turn of the year it is expected that greater
activity will develop in the sterling market, since a
considerable volume of bills will be required to take
care of the inquiry arising out of the yearly settlements and the like.
Referring to the day-to-day rates sterling exchange on Saturday last was easier and demand declined to 4 84 11-16 (one rate) and cable transfers to
4 85 3-16; trading was not particularly active. On
Monday selling by French and Italian interests sent
prices down a trifle and the day's range was 4 84 9-16
@4 84g for demand and 4 85 1-16@4 853 for cable
transfers. After early weakness the market steadied
on Tuesday and demand advanced a fraction to
4 84 11-16; the low was 4 84 9-16, while cable transfers ranged between 4 85 1-16 and 4 85 3-16; the market was dull and trading small in volune. Wednesday brisk buying induced a firmer tone, with an advance to 4 84 11-16@4 84 13-16 for demand and
4 85 3-16@4 85 5-16 for cable transfers. Buying
for "window dressing" purposes, or in other words, in
anticipation of month-end settlements, was indicated
on Thursday; the result was an advance,in demand
bills to 4 84 13-16@4 84% and in cable transfers
to 4 85 5-16@4 859'. On Friday pre-holiday dulness
settled down over the market, which was all but
stagnant, and quotations were practically nominal,
though firm and higher at 4 84%@4 85 for demand
and 4 859/8@4 853' for cable transfers. Closing
quotations were 4 84% for demand and • 4 859'
for cable transfers. Commercial sight bills finished
at 4 84g, sixty days at 4 80, ninety days at
4 78%, documents for payment (sixty days) at
4 81 and seven-day grain bills at 4 841
/
s. Cotton
and grain for payment closed at 4 84g.
No gold was engaged for export or import. The
Bank of England reported various small sales approximating £900,000 and exports of £10,000 in sovereigns
for Argentina. The Bank imported £500,000 in gold
sovereigns from South Africa.
Referring to money rates in detail, loans on call
covered a range of 5@6%, as against 4g05% last
week. On Monday the high was 532%, the low 5%
with 5% also for renewals. Tuesday and Wednesday
there was no range, all loans on call being put through
at 532%, which was also the basis for renewals on
both days. Firmness set in on Thursday as a result
of increased demands for the holidays and there was
an increase to 6%; renewals, however, continued at
5%%, and this was the low. Friday the range was
still at 53/2@6%, but the renewal rate was marked
up to 6%.
In time money trading was inactive and the market
dull. A firm undertone prevailed as a result of light
offerings, and the range was not changed from 4%@
4% for all periods from sixty days to six months,
the same as a week ago.
Mercantile paper rates continue to be quoted at
43@43/2% for four to six months' names of choice
character, with names not so well known still requiring 432@4g%. Offerings were light, and trading was small in volume. Out-of-town banks supplied the bulk of the limited business that passed.
New England mill paper and the shorter choice names
are still being dealt in at 43%.
Banks' and bankers' acceptances ruled steady,
with trading exceptionally quiet. Market conditions
remain essentially the same and there is no new
feature to report. Country institutions were the
principal buyers. 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
Federal Reserve banks 3% bid and 3%% asked
In the Continental exchanges also trading was dull
for bills running 30 days; 3%% bid and 34% asked
uninteresting, owing to the pre-occupation ii
and
for 60 days; 4% bid and 3%% asked for 90 and 120
festivities. Nevertheless small spurts of acholiday
days, and 42
/
8% bid and 4% asked for 150 days and
developed
at intervals, at least in some of the
tivity
180 days. Open market quotations follow:
currencies,
notably francs and lire. In the
leading
SPOT DELIVERY.
30 Days. former alternative advances and declines occurred on
60 Days.
90 Days.
*Mae:eligible bills
3%53%
3%(€63%
31453%
moderate trading operations. Early in the week,
FOR DELIVERY WITHIN THIRTY DAYS.
foreign account carried franc quotations
Prime eligible bills
3% bid buying for
Eligible non-member banks
3% bid up to another new high point for the movement of
There have been no changes this week in Federal 4.05%. Later realizing sales caused a drop back to
Reserve Bank rates.
3.953'. It was pointed out with some interest that
whenever the franc sells above the 4c. mark, recession
Sterling exchange moved narrowly and trading occurs which brings the price down to 3.99 or thereduring the greater part of the week was of a pre- abouts. While no great significance was attached
holiday character, with the volume of business to the renewal of strength in francs in the face of
transacted small. Preparations for the Christmas selling, it is regarded in some quarters as a response
holidays, as usual, took precedence of all else in the to favorable November trade figures, Premier Poinbusiness world and,lforeign exchange was neglected. care's optimistic utterances as to the fine political
DEC. 25 1926.]
THE CHRONTCLE
3231
co-operation he is receiving and the fact that Parlia- 2.52%. Greek exchange finished at 1.23 for checks
ment has adjourned. Selling pressure was attrib- and at 1.24 for cable transfers. This compares with
2 last week.
uted partly to the operations of a group of Dutch 1.233/ and 1.243/
of
interests
desirous
speculators, also certain French
Trading was dull in the former neutral or smaller
lowering values on the stock market.
The action of the Bank of France in announcing Continental exchanges, and rate changes were not•
late in the week that it was to assume control of the particularly important. Dutch guilders continue to
foreign exchange market; that is, buy and sell fluctuate between 39.96 and 39.98 for checks, while
francs in any quantity at slightly under 3.97, aroused Swiss francs were firmly held, at around 19.33. In
widespread surprise. Bankers here were somewhat the Scandinavian currencies the only changes worth
at a loss for an explanation of the step taken, some noting were in Norwegian krone which fluctuated
believing that it was equivalent to a stabilization nervously, opening at 25.24, dropping to 25.14, then
of the franc at that figure, while others contended rallying to 25.17, only to sag off in the late dealings
that it was simply a measure undertaken to prevent to 25.13, though closing higher at 25.28. No specific
violent fluctuations over the year-end period. In reason could be assigned for this backing and filling,
any event the announcement came too late to other than speculative activity. According to the
have any effect on market values.
best banking opinion here, Norway is not yet ready
Italian lire moved up with francs and demand bills for a return to the gold standard. Formal announceadvanced to 4.54%, or 73. points over last week's ment that Denmark has actually returned to the gold
close; although here also reaction set in after a time standard and that the Danish kronen would be placed
and quotations dropped back to 4.413/
2, with, how- on a gold basis Jan. 1, had no perceptible effect on
ever, a rally to 4.51% before the close. Unsettle- price levels. Spanish pesetas displayed strength and
ment over the publicity given to criticism by the ruled at close to 15.25, rising for a time to as high
Pope of the Fascist regime was held responsible for as 15.28 on good buying.
some of the selling; although as recovery was rapid,
Bankers' sight bills on Amsterdam finished at
it was claimed that the market just at present is in 39.98 (unchanged); cable transfers at 40.00 (unan unusually strong position. Narrowing recently changed), and commercial sight bills at 39.94 (unof future rates on francs and lire attracted some at- changed). Swiss francs closed at 19.33 for bankers'
tention. Thirty day bills at one time sold at $.0002 sight bills and at 19.34 for cable transfers, in com2 the preceding
below spot, while ninety days ruled at from $.00063/2 parison with 19.333/ and 19.343/
to $.0007 below. The Belgian belga remains un- week. Copenhagen checks finished at 26.64 and
affected by the vagaries in the neighboring currencies. cable • transfers at 26.65 (unchanged). Checks on
Announcement by the Belgian Government of the Sweden closed at 26.74 and cable transfers at 26.75,
cessation of restrictions over the movement of capital against 26.72 and 26.73, while checks on Norway
exports from Antwerp had no effect on actual quota- finished at 25.28 and cable transfers at 25.29, against
tions. It is noteworthy that Belgium's second effort 25.23 and 25.24 the previous week. Spanish pesetas
at stabilization has been almost uniformly satis- closed the week at 15.27 for checks and at 15.28
factory, in quite distinct contrast to the collapse for cable transfers. Last week the close was 15.23%
2.
of last year. Bankers do not look for drastic fluc- and 15.243/
tuations in the belga, for the reason that gold holdSouth American exchange displayed mixed moveings are considered ample, while money is plentiful
and the position of the belga has been strengthened to ments, although price changes were small and trading
meet possible future attacks upon it. It is con- was usually inactive and uninteresting. Argentine
ceded that current monetary ease may not last, pesos closed at 41.40 for checks and at 41.45 for
but any depression that comes, it is thought, will cable transfers, as compared with 41.31 and 41.36,
likely be of short duration. Other branches of the while Brazilian milreis finished at a decline at 11.78
Continental markets were narrow and quiet. 'Ger- for checks and at 11.83 for cable transfers, against
man and Austrian exchanges remain essentially un- 11.95 and 12.00 a week ago. Chilean exchange was
changed. Greek drachmae profited by reports of not changed from 12.00. Peru remained at 3 57,
favorable negotiations in London for adjustment of a unchanged.
Greek Joan and there was an advance to 1.253/
2.
Far Eastern exchange was quiet at close to the
Rumanian lei were firmer but without specific activity. levels of the previous week. Chinese documents were
The London check rate on Paris finished at firm, advancing slightly in sympathy with improve2, as compared with 121.20 last week. In ment in the price of silver. Indian rupees are com122.373/
New York sight bills on the French centre closed mencing to profit by the deflationary measures unat 3.96, against 4.00; cable transfers at 3.97, against dertaken by the Indian Government. Heavy reduc4.01 and commercial sight bills at 3.95, against tion in note circulation made possible by the easy
3.99 a week ago. Antwerp belgas finished at 13.90 money condition in Bombay and Calcutta, sent rates
for checks and at 13.91 for cable transfers, in up several points, and the close was at 363@36 7-16
comparison with 13.913 and 13.913' a week earlier. for Bombay, against 36@361/g, and 363@36 7-16
Final quotations on Berlin marks were 23.823/
2 for for Calcutta, against 36@36%. Hong.Kong closed
checks and 23.833/
2 for cable transfers. A week ago at 48%@48/, against 48 5-16@48/r Shanghai at
the close was 23.783/
2 and 23.803/2. Austrian schil- 59%@59%, against 59%@60; Yokohama at 48.85
lings continue to be quoted at 143/s, unchanged. @49.06, against 48.90@49.12; Mani'a at 49.60@,
Italian fire finished the week at 4.493/ for bankers' 49.75 (unchanged), and Singapore, 5634@ 563/2 (unsight bills and at 4.503/ for cable transfers, against changed).
4.463/i and 4.473/2 the previous week. Exchange on
Czechoslovakia closed at 2.9634 (unchanged); on
Pursuant to the requirements of Section 522 of the
Bucharest at 0.533,, against 0.513
4; on Poland at Tariff Act of 1922, the Federal Reserve Bank is now
11.25, against 11.50, and on Finland at 2.52, against certifying daily to the Secretary of the Treasury the
3232
THE CHRONICLE
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANES TO TREASURY UNDER TARIFF ACT OF 1922.
DEC. 18 1926 TO DEC. 24 1926, INCLUSIVE.
Noon Bulling Rate for Cable Transfers in New York.
Value Its United Mates Money.
Country and Monetary
Unit.
Dec. 18. Dec.20. Dec. 21. Dec. 22. Dec.23. Dec.24.
EUROPE$
Austria, sehillIng---- .14081
Belgium. belga
.1391
Bulgaria. lev
.007238
Csechosiovakla. kron .029616
Denmark, krone
.2663
England. pound sterling
4.8516
Finland, markka
.025211
France.franc
0400
Germany, reichamark. .2380
Greece, drachma
.012395
Holland, guilder
4000
Hungary, pengo
.1759
Italy, lba
.0448
Norway, krone
.2520
Poland, zloty
1125
Portugal, escudo
0512
Rumania,lea
.005144
Blain. Peseta
1524
Sweden,krona
2672
Switzerland, frantic
.1934
Yugoslavia. dinar
.017652
ASIAChina-Chefoo, tael
6213
Hankow,tael
.6083
Shanghai, tael
5893
Tientsin, tael
6246
Hong Kong. dollar_ .4770
Mexican dollar__ __ .4397
Tientsin or Peiyang
dollar
.4296
Yuan, dollar
.4263
India, rupee
.3591
lapan, yen
.4881
Bingapore(S.S.).dollar .5594
NORTH AMER.Canada. dollar
.998789
Cuba, peso
.999188
Mexico, peso
.465833
Newfoundland, dollar .996656
SOUTH AMER.krgentina peso (gold) .9359
drazil. milreLa
.1179
Mlle, peso
1202
Twmrites,
nag...,
1 AN,
$
.14081
.1391
.007238
.029618
.2663
$
.14084
.1391
.007231
.029624
.2663
$
.14078
.1391
.007231
.029618
.2664
$
.14074
.1391
.007225
.029618
.2664
4.8511
4.8526
4.8503
.025210 .025210 .025218
.0405
.0402
.0398
.2380
.2379
.2380
.012408 .012444 .012529
.4000
.3999
.3999
.1756
.1754
.1756
.0453
.0449
.0445
.2517
.2516
.2515
.1111
.1118
.1122
.0512
.0512
.0512
.005200 .005277 .005336
.1524
.1527
.1526
.2672
.2673
.2673
.1933
.1933
.1933
.017649 .017648 .017649
4.8531
.025212
.0397
.2382
.012493
.4000
.1756
.0449
.2515
.1128
.0512
.005285
.1525
.2674
.1933
.017647
4.8530
.025213
.0396
.2383
.012471
.4000
.1756
.0451
.2529
.1125
.0511
.005314
.1526
.2673
.1933
.017643
$
.14065
.1391
.007231
.029620
.2663
.6221
.6081
.5889
.6238
.4771
.4416
.6204
.6069
.5882
.6229
.4771
.4448
.6206
.6073
.5899
.6223
.4788
.4386
.6221
.6084
.5900
.6246
.4788
.4378
.6208
.6078
.5891
.6238
.4774
.4384
.4296
.4263
.3597
.4877
.5594
.4290
.4256
.3609
.4872
.5594
.4273
.4240
.3624
.4875
.5594
.4288
.4254
.3624
.4875
.5594
.4275
.4242
.3621
.4882
.5594
.998968
.999125
.466167
.996813
.999238
.999094
.466500
.996906
.999229
.999094
.466333
.997125
.999268
.999063
.466500
.997125
.999224
.999094
.465833
.996938
.9365
.1186
.1202
.9363
.1185
.1202
.9396
.1182
.1200
.9396
.1178
.1202
.9397
.1178
.1202
1 (1924
1 1101f1
1 1101,
•
.
•
1
The New York Clearing House banks, in' their
operations with interior banking institutions, have
gained $5,876,700 net in cash as a result of the currency movements for the week ended Dec. 23.
Their receipts from the interior have aggregated
$7,198,800, while the shipments have reached $1,322,000, as per the following table:
CURRENCY RECEIPT
AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Duo
Banks.
Week Ended December 23.
Banks' Interior movement
Out of
Banks.
$7.198,80
Gain or Loss
to Banks.
$1,322 100Gain $5 876,700
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show 'the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday, Monday,
Dec. 18. Dec. 20.
Tuesday. Wedriestry. Thursday
Dec. 21. Dec. 22. Dec. 23.
Friday,
Dec. 24.
Aggregate
for Week.
$
$
$
$
$
$
$
106,000000 100,000 000 89,030,000 89,000,000 95.000,000 100 CO0000 Cr.579,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the Items payable in New York City are represented in
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
December 24 1925.
December 23 1926.
Banks of
Gold.
England _- 151,943,215
Prance a_ - 147,379,548
Germany b 79,780,000
Spats
102,267,000
Italy
45,597,000
Netherl'ds 34,469,000
Nat. Belg_ 17,722,000
Switzerrd_ 17,733,000
Sweden...- 12,497,000
Denmark _ 11,612,000
Norway __ 8,180,000
Silver.
£
Total.
1
Gold.
£
.£
151,943,215 144,621,643
13,600,000 160,979,548 147,340,614
c994,000 80,774,600 50,019,350
26,943,000 129,210,000 101,478,000
4.159,000 49,756,000 35,648,0001
2,359,000 36.828.000 37,565.0001
1,073,000 18,795,000 10,954,000
3,031,000 20,764,000 18,233,000
1 12,497,000 12,795,000
886,000 12,498,00 11.628,00
1 8,180,000 8,180,000
Silver.
Total.
i
.£
144,621,643
12,803,000160.143,614
d994,600 51,013,950
26.085,000127.563.000
3,411,0001 39,059.000
1,988,000 39,553,000
3,644.000 14,598,000
3,633,000 21,866,000
12,795,000
874,000 12,502,000
8,180,000
Total week 629,179.763 53,045,600 682,225.363 578,462,6071 53.432.600631,895.207
Prey. week628,800,395 53.019.000 681.819,995 578,630,297 53,335,600631,966,897
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany thls year are exclusive
of £8,830,000 held abroad. c As of Oct. 7 1924.
[VoL. 123.
The Friendship Between France and the
United States.
The sesqui-centennial year of American Independence has been duly celebrated, but it should not be
allowed to viad without calling attention to the
relation to us which France has maintained. Through
the 150 years her friendship has never been withdrawn.
It was proffered at the outset. It was held through
the critical years of the War of the Revolution apart
and quite above any thought of gain to herself. It
proved heavily costly to her and has exposed her-in
later years to much adverse criticism. Through the
entire period Europe has been engaged in great and
almost incessant wars, in all of which France on one
side or another was involved, but she is the only one,
at least of the greater nations, who has not changed
her attitude toward us, even for an hour. Storms of
passion and distrust have swept across Europe.
The rulers and the statesmen have been engaged in
the machinations, and beguiled by the visions of,gain
that have prevailed, but the friendship of France
for America, which was early identified with the
names of men whose memory she delights to honor,
which has become traditional and has a place in the
hearts of the French people, has never changed.
To appreciate this it is well to glance at the circumstances of its origin. Dr. James Brown Scott,
our widely known constitutional and political historian, has collected in a small volume,"The United
States and France," published by the Oxford University Press, copies of original documents giving
the facts of the events which furnish the foundation
of "Opinions on International Gratitude," by which
he indicates our feelings toward France. It ought
to be a handbook in every private library.
What is known as the French and Indian War in
this country ended with the defeat of France in 1763.
It proved most disastrous to her. She lost Canada,
islands in all parts of the world, the larger part of
her naval fleet and a vast number of her merchant
vessels. Her funds were exhausted; her credit was
gone and the nation discouraged. Sparks, the historian, who in 1847 tells the story, took occasion to
say: "The experience of all ages has shown that no
treaty can endure in which one party takes advantage of another to impose degrading terms or insist
on humiliating concessions. There is a sense of
honor, a self-respect in nations, which, though they
may yield, will when they recover strength throw off
the burden and recover the lost dignity."
In the decade that followed it was not strange that
the French cherished the feeling that they had been
bitterly aggrieved by both the loss of the war and
the humiliating treaty imposed under the mask of
peace and friendship. Naturally, in 1776 the colonists sought friends in France. Commissioners
were sent over and, before official recognition, arrangements were made for the dispatch of arms,
munitions and clothing; and a loan of 2,000,000 livres
was put at the disposal of Congress to be paid in
quarterly installments of 500,000 livres. When
twelve months later news came of the defeat of Burgoyne and of Washington's display of strength in
Pennsylvania a treaty of amity and commerce was
signed and three months afterwards, on the appearance of d'Estrange's fleet in the Delaware, it became
matter of public knowledge, and England declared
DEC. 251926.]
THE CHRONICLE
3233
war with France. France, as reported by Sparks, growth. This was the issue finally settled in 1783
not only was "resolved to take no advantage of the in the Treaty of Peace with England. France had
situation of the Americans and to desire no terms exerted her best efforts to secure recognition of
which they might afterwards repent of or endeavor American independence by every European Power.
to retract," as reported from the King himself by Through her influence the Americans were led to
Count Vergennes, but "acted in face of the danger accept peace without making claim to other parts
of being left in an awkward position in case the of the Continent beyond their possession at the time,
Americans should be defeated, or should return to Canada, Nova Scotia, the Islands and the territory
British allegiance."
beyond the Alleghanys. These were to be kept open
"Never," says Dr. Scott,"was there greater frank- for future discussion. She insisted that the treaty
ness on the part of a prospective ally; never greater offered to her by England should be referred directly
generosity, treating weak and struggling colonies to the United States in full recognition of their inupon a footing of equality, and never greater con- dependence. Parliament was compelled to accede;
stancy until the purpose of the alliance was accom- independence was made the first article and the
plished." The direct purpose of the treaty was de- treaty was accepted and signed. While discussion
clared to be "to maintain effectually the liberty, with London was going on and the American Comsovereignty and independence, absolute and unlim- missioners were dissatisfied and became critical of
ited, of the United States." France asked nothing France, it was soon shown that efforts made by
in return and explicitly disavowed all intentions of enemies to create that feeling were futile and the
making conquests or accepting cession of territory, perfect good faith of France was confirmed.
.even of regaining Canada and the islands taken from
All this is past history. But as the historian,
her; terms which she unqualifiedly maintained to Jared Sparks, said in reviewing it in 1847 in reply
the end of the struggle. During the war she fur- to hostile criticism: "Nations as well as individuals
nished us 18,000,000 livres on her own account, may have many occasions for friends, and frienth
partly as a gift, and all without interest until after ships are preserved by the remembrance and acpeace should be won. In addition, she guaranteed knowledgment of benefits mutually conferred. The
our indebtedness to Holland of 16,000,000 livres, character of a nation is in its history: it is the inmaking 34,000,000 of obligations. Though by 1794 heritance and not the creation of any existing genewe repaid the loan, the expenses incurred in conse- ration." To-day, when to this is to be added the
quence of her venture to aid us so disarranged her fact emphasized amid all the efforts to secure peace
finances that they are regarded as a final cause of and good-will, that the nations are governed mainly
the Revolution which broke out in her own land.
by sentiment, the result of their traditions and feelWhile the conduct of France was officially that ings, rather than by argument or even self-interest,
of the King and his officers, the testimony is that it is evident how important it is that this history
it was the readiness of all classes to accept the sac- should be known.
Great issues are at stake; and the great nations
rifices involved and the force of public opinion which
determined the course of the nation. Washington's especially should know that deep-rooted national
comment in 1783 was: "The magnanimous and dis- friendships are not to be destroyed by transient
interested scale of action which that great nation events or opposing self-interests and different points
has exhibited to the world during this war, and at of view. They need the help that each may bring
the conclusion of peace, will insure to the King and to secure the end for which all would strive; and
nation that reputation which will be of more conse- the hearts of the people can be counted on for sup•quence to them than any other consideration." He port if right feeling prevails.
How valuable the testimony of the life of even one
thereupon gave the parole at the anniversary of the
French alliance, "America and France," and the man may be to this is seen in the comment of Dr.
•countersign, "United Forever."
Osler upon the life of no less a man than Pasteur:
Condorcet in his eulogy of Franklin before the "It reveals," he says, "the true story of a great
'French Academy, referring to the hesitancy of the people in whom filial piety, brotherly solicitude,
Government when the question of alliance with generosity, and self-sacrifice are combined with a
America was first raised, said: "France had not yet rare devotion to their country." And this country
a free constitution, but Frenchmen were not slaves. was France, whose unbroken friendship for'us the
It was not a question of indifference whether war sesqui-centennial year has indirectly celebrated.
was in accordance with, or contrary to the national
•desire; and the French were already worthy of hav- Senate Passes Resolution Calling for Inquiry by
Federal Trade Commission Regarding Stock
ing Ministers follow a policy adopted by free naDividends of Corporations.
tions and in declaring war to await its solicitation
resolution offered by
On
Dec.
22
by the voice of the people." As John Quincy Adams Senator Norristhe Senate adopted a the Federal Trade
of Nebraska directing
said in connection with announcing the Monroe Doc- Commission to furnish information as to the issuance of
trine in 1823, that, "as the Declaration of Independ- stock dividends by corporations. The following is the text
ence was the foundation of all our municipal insti- of the resolution:
Whereas. It has become the usual practice of corporations, in order to
tutions, the preamble to the French treaty laid the protect stockholders from the payment of income taxes, to declare stock
and
foundation for all our subsequent intercourse with dividends;'
Whereas, This procedure enables corporations to acquire competing
plants,
and
in this way avoid the provisions of the anti-trust law; and
foreign nations."
Whereas. In order to legislate upon the subject the Senate should be
American independence was in its cradle in 1778 fully informed as to the extent of this practice; therefore be it
Resolved. That the Federal Trade Commission be, and it is hereby,
when the French treaty was signed, but it was a new directed
to ascertain and report to the Senate the names and the capitalization
of corporations that have issued stock dividends, together with the
child in a strange cradle and was being violently
amount of such stock dividends, since the decision of the Supreme Court
rocked; that treaty assured its safety and by its holding that stock dividends were not taxable, and to ascertain and report
the same information as to the same corporations, for the same period of
.definite recognition confirmed the lines of its time
prior to such decision.
THE CHRONICLE
3234
[Vol.. 123.
The Sesqui-Centennial Exposition at Philadelphia—
The Reason for Its Non-Success
1. Object and Scope of International Empositims.
It is often said, in this country, that "World's Fairs have
had their day," that "they no longer attract the people,"
that they are "too expensive," and are "wasteful." We do
not incline to this view. They are highly educational; and,
when properly carried out, bring the nations and peoples of
earth into closer contact and thus make for amity and peace.
It is true that at Wembly and at Philadelphia there has
been recorded a financial failure. But showing a profit, or
even making expenses, is not a proper preview . It may be
said, however, if one is again projected in the United States,
it must take early thought not only of the primal object, but
of the magnitude of the conception and the time, cost and
weight of the administration. It takes three or four years
of strenuous and harmoniously continuous work, based upon
a well-wrought-out plan, to properly build an international
exposition. As far as the date is concerned, it is only a peg
to hang the undertaking upon.
This may well be commemorative of some historic event
in the story of the nation sponsoring the exhibition, but
aside from the spectacles implied has little interest to foreign countries. We find in this fact one of the reasons contributing to the inadequacy of the Philadelphia Sesqui-Centennial Exposition. Too much stress was laid upon the
commemorative features—upon celebrating one hundred and
fifty years of American Independence. This is borne out
by the success of the Panama-Pacific International Exposition at San Francisco, which, for the first time in the history of American international expositions, celebrated an
event of great importance to the commerce of the entire
world—the opening of the Panama Canal. Yet this statement is to be qualified, for the expositions in Philadelphia
1876, Chicago 1892, St. Louis 1904, were successful it the
true sense, though with varying monetary returns. Nations and peoples are primarily interested in the comparative value and educational power of the exhibits.
The commercial advance by reason of bringing together
at one time and place the resources and products of earth
through representative national exhibits cannot be overestimatt)d. But the plan must be comprehensive and the
acceptance and attendance by all the nations as complete
as possible. In this sense the Sesqui-Centennial Exposition
was almost a total failure. None of the principal nations,
as for example England, France, Germany, had really
representative national exhibits and buildings. Only'a few
States of the American Union were present in State buildings—namely, New York, Pennsylvania, New Jersey, Delaware, Illinois, Ohio, Connecticut. Here again the contrast
was most marked, especially with the Louisiana Purzhase
and Columbian expositions, and even with the PanamaPacific. Handicapped as the last was by a lack of formal
acceptance of the invitation to exhibit by England and Germany—and the breaking out of the World War before the
opening, many nations and nearly all domestic States were
there.
It has been said by a writer on viewing the Sesqui-Cen
tennial, that "it never had a chance." Without reciting its
well-known history, it was not finally determined upon until
about a year, or a little more, before its opening date;
though the national invitation to participate had been extended several years in advance of this. The management
did send an official representative to Europe, but with little success. In ample time the Panama-Pacific sent commissions to foreign countries with special invitations; and
the hurried "swing around the circle" in Europe by Governor Francis, President of the Louisiana Purchase, and
the results, are recorded and well known. An international
1
exposition is not a meagre and haphazard collection of interesting objects brought from odd corners of earth for
display to the curious—it is an epitome of the life, resources,
industries and commerce of the peoples—educative in value,
interesting in attractiveness, properly housed and displayed,
and productive of respect, emulation and unity.
2. Leading Causes of the Failure at Philadelphia.
We are using the term "failure" in a specific sense. It is
not to be understood that there was not at this exposition
displays that well repaid attendance. It is not to say that
many difficulties were not overcome, or that there was not a
hasty design and accomplishment worthy of praise. But
this exposition is to be judged by preceding successful expositions. To those who were not familiar, by reading or
attendance, with other expositions, it presented several
features of absorbing interest well worth days of observation and study. Financially it never was firmly on its feet
from first to last. It never at any time received the wholehearted support of the citizens of Philadelphia. There was
dilatoriness in arriving at a fixed purpose, there were
changes in management, there was constant objection to the
site chosen, and there was a hesitating and insufficient
direct monetary support by the citizens and Council.
It was especially lacking in effective advertising. Long
delay in arriving at a fixed determination to hold it, and
at times an almost complete abandonment, created an impression over the country that there would be no exposition,
only a "simple and diknified celebration." When at last
the physical work was begun it was apparent to the experienced that only a postponement for a year could enable the
exposition to succeed. This was refused. Work was rushed.
Some of the exhibit palaces were contracted at four months'
time and completed thereabout, leaving four or fivc months
to the opening date. And there is credit due for what was
accomplished under the circumstances. But it was inevitable
that the Sesqui-Centennial conic' not become an adequate
international or even national exposition. And it did not.
So unsystematic was the exploitation, so meagre the advertising, that up to the opening a large part of the population
of the country did not know it was to be held. And one reason for this was haste and doubt. The management itself
did not know what would be secured in participation. There
was little to describe or announce. It was impossible that
comprehensive world or national exhibits could be gathered
together.
When the gates were thrown open in June of the year a
general state of unpreparedness was disclosed. There were
few exhibits in place, the grounds were not fully graded,
many buildings were under construction—and as an example
of the delays, the Argentine building was under construction as late as the first week in October. Inclement weather
was at once encountered; rains continued to be excessive
fol. most of the period. Soon after the opening an order of
widespread membership nationally was scheduled to meet,
and coming upon such a scene of confusion must, even
though unconsciously, have spread an adverse and dampening report through the country. And it must be said in
extenuation that neither the railroads, the city papers, nor
the citizens of Philadelphia were impressed duly with either
the scheme or accomplishment. For long months attendance lagged, broken by a gathering in honor of a prize
fight in the Stadium and later by an open-air mass held by
Catholic churches and societies. Too much stress was laid
always on this Stadium. Athletic meets are only a side
attraction to a real exposition. Spectacles and historic
commemorations, as we have said before, are of more national than international importance.
DEC. 25 1926.]
THE CHRONICLE
3. Location—Accessibility—Water Features—Navy Yard.
There was much criticism of the location, a tract of
waste ground in South Philadelphia near the Navy Yard.
Many of the supporters of the enterprise favored one of the
parks along the river side—affording aquatic scenes and
regattas—and in beautiful surroundings. Disputes over
sites are not infrequent. But for reasons not necessary to
mention, a sort of enmity seemed to follow the final selection. While more perfect transportation facilities might
have been provided, accessibility was reasonably sufficient.
But the attempt to build lakes and lagoons in such conditions must necessarily be lacking in beauty and perspective.
The Navy Yard added in one way an interest to visitors—
but such interest was at the expense of usual features. One
of the chief faults of the site was the nature of the ground.
It had no natural attractions. Some trees were planted, but
they were small; and the landscape gardening was scant;
while in a way it set off the buildings with the green of
shrub and sward one gained no idea of the wonderful beauty
of the regional surroundings.
3235
ness, and bore unmistakable evidence of hasty and forced
construction, and being without unity of design were lacking
in the expression of grandeur. The usual stucco material
was used, but columns, bas-reliefs and color shading were
not notable. Notwithstanding—some attractive views and
vistas were obtained, and had there been time and money
sufficient to perfect details and surroundings, there could
have been a more attractive setting. An official map shows
large areas devoted to parking and the absence of easy access in location of buildings. Taking Liberal Arts and
Agriculture as characteristic, the facades were too low to
be impressive and the roofs without adornment. In the
grounds as a whole, there were too few flowers and fountains.
5. Exhibits—Liberal Arts and Manufactures—Africulture,
Foodstuffs, Foreign Exhibits—Machinery and Transportation, Fine Arts, Education and Social
Economy, Auditorium, Administration.
Entering the Palace of Liberal Arts at Philadelphia, the
first to the left of the entrance to the grounds, one of the
4. A;Thitecture, Statuary, Exhibit Palaces, Foreign and
chief reasons contributing to the inadequacy of this exposiState Buildings.
tion as an international world's fair became apparent. It
At the Columbian Exposition at Chicago, as remaining may be stated in a single word—commercialism. Never
prints will show, the chief feature was the ornateness of the before, as far as we have been able to learn, has exhibit
buildings. Ip architectural display, as far as exterior fin- space been sold. The chief exhibits in this building were
ish is concerned, this was perhaps the most beautiful of all for advertising purposes. We have but to take a list from
American expositions. The Louisiana Purchase Exposition one of the circulars issued for distribution as a guide book
at St. Louis had, first, the advantage of a noble setting in to prove the statement: Associated Wall Paper ManufacForest Park. Here was the largest exhibit palace, that of turers, Underwood Typewriter, Burroughs Adding Machine,
Agriculture, ever constructed, and in it was a representative Delco Light, National Cash Register, National Casket Comdisplay of the products of the great interior valley of the pany, Atlantic Refining Company, American Express ComMississippi. This exposition was possessed of a huge fund pany, Full Fashioned Hosiery, Inc., Moir's Chocolate, Pennfrom the United States Government and showed, in a large sylvania Railroad, Port of Philadelphia Exhibit, Reading
tract, a complete review of the life and industries of the Railroad, New York Central Railroad, Steamship Models,
Philippine Islands as one of its unique and distinguishing Structural Slate Company, Violin Exhibit, Western Union,
features. Its foreign buildings and exhibits were repre- T. & T., Westinghouse Electric Company, and others. These
sentative and comprehensive. Practically all of the States are set forth as "outstanding," of educational value and
of the Union had their own buildings of appropriate his- artistic presentation. One might spend days of study here
toric local interest and color. The Louisiana Purchase Ex- with pleasure and profit. But the point is that Liberal
position was postponed one year.
Arts as a part of life, as shown, had no comparative or comIt was at San Francisco at the Panama-Pacific Interna- plete reproduction. The showing might as well have been
tional Exposition that experience in exposition building was made at any respectable State fair.
most pronounced, resulting in a marvel of attractiveness.
The same general truth applied in the Palace of AgriculExhibit palaces were compacted together around central and ture and Foodstuffs and Foreign Exhibits. One looked in
lateral open courts, adorned with statuary and fountains; vain for any representation of the agriculture of one of the
the whole dominated by a sculptural "Tower of Jewels," earth's greatest agricultural countries, which alone filled
symbolic of the rise of man through ancient, medieval and acres of space at St. Louis and which as a local feature
in
modern times, rising to impressive height; and covered with
the California Counties Building at San Francisco excited
suspended sumatra-cut colored glass prisms, that, oscillat- admiration and wonder. And just as manufactures was
ing in the soft air by day and night, scintillated with superb thrust under the roof of Liberal Arts so Foreign Exhibits,
light and beauty. Viewed from one of the city's hills, the such as there were, were placed in the company of agriculserried domes of these exhibit palaces stretching toward the ture and foodstuffs. Japan, with characteristic enterprise,
Golden Gate to meet the array of State buildings along the
had many fine exhibits in this building. Here tea, silk, porshore of the Bay, and flanked by the Machinery Hall and the
celains, were extensively shown. China, likewise, on a
Palace of Horticulture, formed one of the most entrancing
more limited scale, had displays of raw silk, tea, lacquerarchitectural displays ever erected in the United States. To
ware, jade. The Los Angeles Chamber of Commerce had
this central art picture was added the Pavilions of Foreign
an exhibition of the county's products. Algiers—antique
Countries; and the entire exposition was set in landscape firearms, ancient
scrolls, Algerian shawls and old rugs.
gardens replete with the foliage and flowers of this reAustria—hand-engraved glass, hand-wrought silver, jewel
markable clime.
caskets, clocks, bronzes (taste and skill in display were
The two innovations in exposition building at this exposimarked features). Czechoslovakia—glassware and works;
tion were flood-lighting of the grounds and buildings by Denmark,
porcelains, pottery, pewter. These exhibits were
powerful projectors and the grouping of the palaces affordattractive, beautiful and handsomely displayed. France—
ing easy access to visitors. Nothing of this nature had berare perfumes and exquisite jewelry. Great Britain, rare
fore been attempted and it proved a success both as to
Jewels, amber, precious stones, wares and potteries; Haiti,
beauty and utility. By comparison, the Philadelphia en- iron-work furniture,
coffee, rice, etc.; Holland, pottery,
semble made a poor showing. The Palaces of Liberal Arts silver, pewter; Hungary, laces, embroideries; Italy,
anand Manufactures, Agriculture, Foodstuffs and Foreign tiques; Japan, art loaned by the Imperial Household.
Exhibits, Hall of Machinery, Mines, Metallurgy and Trans-Add to these others handsomely set out and, we repeat,
and Palaces of Fine Arts, Education and Social many of the foreign exhibits, though commercial
rather than
Economy, though separated, save the first two, were not national, were beautiful, unique,
instructive and represenwithout impressive features, but were lacking in ornate- tative in a way of the foreign lands
and life, but together
3236 .
they constituted only a small fragment of the world's work.
Along with these were the booths of the Royal Baking Powder Company and the Fleischmann (Yeast) Company, and
others, of like character, heterogeneously lodged under the
same roof—from all of which an idea will be gained of the
tragic failure to provide sufficient exhibit palaces and to
assemble in them representative exhibits of the United
States, of the States and Continents of the globe. Agriculture, and especially that of the Farm Belt, was wanting.
It is impossible in our space to particularize here further.
Had the United States Exhibits (Governmental) been taken
out of the Transportation, Machinery, Mines and Metallurgy
Building there would have been little left. In the Education and Social Economy, due to the schools and social workers of the country, there was perhaps the best assembled
collection to be found, gathered, not very scientifically or
systematically, but in a more comprehensive way. In Fine
Arts—the Rodin collection was notable. Jugoslavia, sculpture and paintings; Prance, Germany, Russia and Spain,
paintings. Most of the space was given over to American
Art. The Auditorium was sufficient for the needs of assemblies and the meeting of various aSsociation ; the Administration Building suitable for the purpose, but of ordinary
Conversely, Pavilions of Czechoslovakia, of Persia, of Cuba,
of Spain, of the Argentine Republic and of Sweden, unique,
expressive and colorful though they were in design, gave
to the visitor from the United States little idea of the world
of States that are supposed to gather in friendship and
pride at an international exposition. Japan, officially represented in exhibit palaces and representative buildings on
the grounds, at a reputed expenditure of a million dollars,
seemed to be the most distinguished foreign participator,
and celebrated accordingly on one of the leading national
days. As to these gatherings by nations, States, associations
and orders, the statement made after the closing of a total
attendance of only 6,000,000 indicates that this feature fell
short of expectations. A model shoe factory is worthy of
mention.
7. Gladway—Amusements—Stadium.
construction.
6. Independent Buildings and Exhibits, Special Meetings.
Naturally, Pennsylvania led among the State buildings,
the Commonwealth having appropriated $750,000 for the
purpose. In it there was, according to the literature, "a
very interesting exhibit of Keystone State activities in many
lines as well as five community Liberty Bells from various
sections et the State." This suggests a comment which explains conditions found in this exposition. Many of the
commemorative features were carried out admirably. Philadelphia takes pride in being the Birthplace of Liberty.
Within the city are many reminders well worth a visit at
any time. But the commemoration of the date of the Declaration and reproduction of the early colonial life and time
dominated the whole conception. Aside from the statue
"Steel," dedicated, appropriately enough, to the industry by
a steel corporation of Pittsburgh, was that called the Forum
of the Founders, of Grecian design, which was said to ha...,e
been "erected to the joint memory of those who, one hundred
and fifty years ago, risked their lives, their fortunes and
their sacred honor by signing the Declaration of Independence of the United States." Pittsburgh was the only city
with a civic building. On its front was inscribed: "As
long as the Monongahela and Alleghany shall flow to form
the Ohio, as long as the English tongue shall be the language
In the boundless valleys which these waters traverse, Pittsburgh shall stand as the Gateway of the West!" Again,
the Women's Committee, reproduced the famous street of
old containing replicas of "twenty-one historically famous
structures," including among others, "The Indian Queen
Inn, the Washington House, the Home of William Penn,
Old Quaker Meeting House, Dr. Shippen's House, Old Town
Hall." To those might be added Sulgrave Manor, the ancestral home of the Washingtons, financed by the National
Society of Colonial Dames, and Mt. Vernon by the Young
Women's Christian Association. Without dwelling upon
these exceedingly interesting reproductions, among the most
Instructive and deserving works to be found in the grounds
—the comment upon the scheme of the exposition is that in
stressing the commemorative features the emphasis detracted from its international aspects and brought into
relief its obvious failure to live up to its name.
As previously enumerated, the State buildings were Connecticut, Delaware, New Jersey, New York, Ohio and Illinois. In the first four of these the Colonial note pervaded
and consistently so. But a national exposition so meagerly
constituted, could not possibly give to foreign visitors any
true conception of the United States one hundred and fifty
years after the founding, the States as they are to-day.
For,. 123.
THE CHRONICLE
Space grows short for a continuance of this review. Always at these expositions there is an amusement section or
"street." At Philadelphia it was called the "Gladway"—at
the Panama-Pacific it was "The Zone," at the Louisiana
Purchase "The Pike." Much depends upon location Of this
feature. Crowds must be moved by the usual fanfare of
trumpets from one "show" to another. And it is most
favorably situated when it leads directly away from the
main body of the exposition in a straight line, easy of access
and of egress. Some of these attractions are'educational
and worthy of attendance and study—such as, for example,
at San Francisco—the Panama Canal, the Grand Canyon of
Arizona, and the Tehuantepec Village. Significantly, at
Philadelphia there was a cyclorama of the Battle of Gettysburg. A Chinese Village, "Alpine Haus" and "Streets of
Cairo" are usually present. But when you stage spectacles
and parades in a large "Municipal Stadium" in another part
of the grounds, and set apart days for their showing, the
concessionaires must suffer. It might be mentioned that one
of the biggest days for admissions was on the occasion of
the prize fight between Dempsey and Tunney ; another large
attendance day was on the occasion of an Open Mass by
Catholics in the Stadium. This "Stadium," according to preexposition announcements, has been the pet of the management. Ordinarily for international athletic contests a stadium might be considered an addition to an exposition, but
unduly advertised it can only prove a detraction. At its
best it fits into the "plan" only as an amusement. An exposition is not chiefly to amuse the people.
8. The Liberty Bell.
Early adopting the Liberty Bell as a symbol, the management exploited it in every way. The idea was not without merit, since the exposition was a commemorative one as
well as a proposed international exposition of the resources,
dustries, arts and sciences of the States of the world attained through the liberty of the individual. But like other
of the commemorative features, it was overdone. Notwithstanding—the Exposition Liberty Bell, weighing, it was
said, "forty-two tons" and covered with "twenty-six thousand lights,' suspended from a height of "seventy-five feet,"
greeting the visitor as the entrance gates were approached
was of wonderful beauty and will long linger in the memory
of every visitor. There was an arresting appeal in "The
Great Tower of Light," though this stood unrelieved on its
structural base, flashing its rays for miles around. But the
"Bell," aside from its symbolism, was entrancing. And it
Is proper to say at this point that if a mere celebration had
been originally planned, and the citizens of the United
States, and especially the Eastern States, had been invited,
what was assembled and staged would have disarmed much
of the general criticism that developed. So that the conclusion must be reached that as far as the date commemorated
was concerned, and the implication of the date as an event
In world progress, it should never have been allowed to overshadow the exhibition of industries and arts which must be
Dge. 25 1926.1
THE CHRONICLE
comprehensive, affording the utmost in educative value
through comparison.
Had the principal nations of earth properly participated,
the coming together of peoples around the central thought
of liberty would have promoted peace. Industry, commerce
and transportation link the nations together in a natural
and emulative way. International expositions thus become
milestones of progress. Rightly viewed, they are one of the
world's great public utilities. As such they become a benefit to, and charge upon, all countries and nations. They
cannot be builded in a year. They must be wisely and comprehensively planned at the beginning, must be backed by
sufficient local appropriations, must be constructed by men
schooled in experience in such enterprises. Then they must
rest upon the approval of the promoting city. These things
the Sesqui-Centennial did not have in the right degree.
It is manifestly unfair to place all the blame upon the
faults of management. The people of Philadelphia should
have early taken the affair in hand and whole-heartedly
supported it or should have entirely abandoned it; or compelled its ahandonment. All these public enterprises have
their difficulties, but in appropriations and good-will support the Louisiana Purchase and the Panama-Pacific had
little lacking from the start. Vague proposals for an international exposition are now germinating in Chicago and
New York. One or the other ought to retire. Then, five or
six years of steady work lies ahead. Otherwise a fiasco may
result, costly to the people, wasteful of opportunity, and an
Injustice to the nations officially invited to participate.
9. Conclusion.
Philadelphia is called the "City of Brotherly Love." It is
also a city of magnificent manufactures. One of its outstanding religious sects, the Quaker, has long been noted for
Its veneration of peace. But it seems that certain religious
organizations within its two million population and in the
State at large, early became active for Sunday closing of
the exposition and invoked an old law of 1794 in behalf of
their cause—with considerable success. We mention this
3237
for one reason only. Before ever an international exposition is formally under way, this vexed question should be
settled. It is due to foreign participants, visitors from
home and abroad, and the diverse local population, that they
be informed the exposition will be open or closed, as the
case may be, on Sundays. Great expense in participation
and attendance is involved, and it is a sort of discourtesy to
part of those interested either way when suddenly confronted with an unexpected result. When the educational
profit to the people is considered, when the open and closed
cities of the country are taken into account, there is much
to say in favor of the enterprise being open on Sunday. But
whatever the decision, it should be known and heralded in
advance.
There is another lesson to be drawn from Philadelphia's
recent exposition, and from the more successful ones previously held—the lesson of building around some great central idea of universal utility. Expositions have been held
in several of our lesser cities that exploited historic events
of far less importance than the signing of the Declaration
of Independence and they have been of dubious usefulness.
If an exposition is to appeal to the world as international,
then it is apparent that commerce and industry, peoples and
progress, must be gathered comprehensively, that the flow
of ideas, the contact of peoples, and the interchange of
ideals, may elevate and inspire, and thus make for peace
and uplift everywhere. Commercialism and profits have no
place in the conception. And it may be said that at some
great world crossroads of trade, some great cosmopolitan
centre of population, a permanent exposition should be
builded, where, continuously, the good-will of trade might
be furthered, and, where, at proper intervals especial gatherings of the peoples of earth might be assured, that they
better know and respect each other. This would tend to
prevent future rivalry of cities to exploit themselves, and
diminish the failures. The United States should follow the
policy of France of encouraging permanent or periodically
recurring expositions, or abandon them as unwise and
wasteful.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
.
Friday Night, Dcc. 24 1926.
The usual holiday trade has been done in many
parts of
the country. Not everywhere was it up to the normal,
however. The Southwest's buying capacity has been reduced
by the low price of cotton. That was reflected in reduced
holiday buying. Moreover, at the big automobile
centres
the lessened employment of workers has told to a certain
extent. In the Central West recent bank failures
have not
been unfelt. In the Pacific Northwest the lumber
business
has been less active; that has also told somewhat on buying.
Car loadings for the week have dropped below the total
for
the same week, but German advices encourage the
hope that
1927 will see a good export business in American
rye, as
Germany's crop seems to be smaller than had been
supposed. Prices of corn and oats have been steady, of
wheat
slightly higher and of rye 3 to 5 cents higher. The
temperatures have been down to zero in the winter wheat
belt,
which generally has no snow protection. Rains and snows
were beneficial in the Southwest. The winter wheat
crop
is 626,929,000 bushels, or 225,000,000 larger than last
year;
spring wheat is 69,000,000 bushels less than last year;
total
winter and spring 156,000,000 bushels larger than last
year
and No. 2 red is 44 cents lower than a year ago. The
corn
crop of 2,645,00,000 bushels is 271,000,000 smaller than
last
year; that of oats is 233,000,000 smaller. Cotton has
advanced on most deliveries about $1 to $125 a bale owing
to rains and cold weather threatening to keep down the
picking and ginning. Considerable cotton is still in
the
fields in the Southwest. The grade may be lowered.
There
Is skepticism here as to the likelihood of the picking and
ginning this season reaching the last crop estimate by
the
Government, which was 18,618,000 bales. sugar has had a
quiet pre-holiday market, with no marked changes in prices.
Coffee declined and it is feared that the Brazilian Government will find it difficult to stabilize milrel exchange
at 60.
It has fallen of late to 5 15-16d. Possibly this is temporary
,
but Brazil is trying to carry water on both shoulders; that
is, support coffee prices and exchange, too. Wool has been
steady, but quiet. Rubber has latterly been advancing here
and has been at least steady in London, with a fair demand.
Coal prices tend lower, with production still large. The
holiday demand for jewelry, cigars and confectionery is
about equal to that of a year ago. The hardware and radio
sales have been satisfactory. Cold weather in the West has
stimulated trade in clothing, coal and shoes.
Pig iron has been quiet. In steel most of the business has
been with the railroads. The sales of tin plate for the first
six months of next year are said to have been large. Pig
iron prices weakened a little. Building has fallen off in
this country owing to cold weather. The sales of lumber
and other building materials have decreased as a matter of
course. Trade in some industries has been retarded, partly
by the taking of inventories, but in other cases there has
been a decrease in new business. But cotton goods have
sold very well. The mills in parts of New Hampshire and
Connecticut seem to be exceptionally busy, although in the
South they are quiet. Wholesale trade in general has been
quiet. The buying has been mostly of small lots, for temporary purposes. The sales of woolen goods and worsteds
are smaller than those of a year ago and the same is true of
silks and rayons. But bank clearings are again beginning
to increase. Money -has been stronger, with the call rate at
one time up to 6%, the highest of the year. But to-da
y it
3238
fell to 5%%. Stocks have at times been irregular, but today they were higher led by General Motors, partly due to
the stimulus of lower rates for money. It is considered significant that Atchison reached a new high of 172. November
railroad earnings make a good showing so far. An effort
Is being made to stabilize French francs at about 4 cents,
but the market is not responding very enthusiastically.
Still, francs have reached the highest point since over a
year ago. They closed here to-day at 3.96. In London the
feeling is cheerful, even if trading to-day was rather light.
Some stocks were quite firm. London was firm and in
Paris, moreover, prices moved upward. The value of principal crops in the United States in 1926 represented a loss
of about $1,148,000,000 from 1925, according to the Crop
Reporting Bureau of the Department of Agriculture in the
annual crop report. Crops showing the greatest declines in
value are cotton, corn, spring wheat, potatoes and apples.
Fall River, Mass. reported the demand for wide and
narrow print cloth constructions very light. Minority of
buyers expect increased business in the new year, but believe plenty of goods will be available on account of recent
increase in production. Boston wired that the Otis Co.
will postpone for the time being at least its plan for moving
a part of its machinery to the South, and for liquidating
some of its local properties. The decision is conditioned on
relief from present taxation and a greater measure of cooperation on the part of employees so that substantial savings can be effected and the company enabled to continue
its plants here if found profitable. Manchester, N. H. wired
that the conditions at textile centers in New Hampshire are
encouraging despite the lower prices prevailing. The Great
Falls Manufacturing Co. at Somersworth has held its own
during 1926, having been carrying small stocks of raw
cotton. The Tremont and Suffolk mills at Lowell, recently
purchased by the Nashua Manufacturing Co. of Nashua,
are now operating at about 25% of capacity. The company
has orders for both Indian Head blankets and cloths running
nearly 40% ahead of a year ago. No. 11 mill of the Amoskeag Co. which manufactures handkerchief cloth went on
a night shift owing to large orders. The woolen mills of the
Dodge-Davis Manufacturing Co. at Bristol, N. H. are
adding to the number of workers. It makes cloth for uniforms for the baseball players in the American and National
Leagues. At Claremont, N. H. the Dartmouth Woolen
Mills formerly known as the John Roberts, Lafayette and
Roberts Mill, has suspended operations for a short time.
At Gonio, N. H., the woolen mills of the (Ionic Co. w
start operation on a 54-hour week schedule on Jan. 3. This
company has been operating its plant on a greatly curtailed
schedule for nearly two years and lately has been running
at about 50%. At Rallingsord, N. H., the mills of the
Salmon Falls mills, which have been in operation or a
century, will soon cease running under the present management owing to Southern competition. They have recently
been making tire fabrics. In Connecticut the New Departure
Manufacturing Co., with plants in Hartford, Meriden and
Bristol, employing 6,000, will close only one day. This is a
branch of the General Motors. Textile industries in eastern
Connecticut will close only one day. New Britain industries,
hardware and machinery will also close on Christmas Day
only. Waterbury brass manufactories will do the same.
Silver industries in Meriden will close three days to two
weeks. Unusual activity is reported in the textile industry
in eastern Connecticut. The Hockanum Mills at Rockville
are operating nights and the Somerville Manufacturing Co.
of Somerville is working overtime. The Waterman Woolen
Co. is also operating overtime at Stafford Springs. The
cotton industry is also busy. The Grosvenordale Mill at
North Grosvenordale is operating 24 hours daily with a
night shift. Paco Manufacturing Co. at Danielson is also
working nights. The Glasgo Finishing Co. at Griswold has
increased its capital to $630,000for plant expansion. Cheney
Brothers, silks, at South Manchester, will close only one
day for the Christmas holiday. At Thompsonville, Conn.,
the plant of the Bigelow-Hartford Carpet Co. will cose today for inventory and will resume operations Jan. 3. The
shutdown this year will be only about half of that of a
year ago.
At Charlotte, yarn sales showed no revival, although
inquiries were slightly more active. Montgomery, Ala.,
advices stated that some mills in Alabama and Georgia were
making offers for large quantities of low grades provided the
shipper would land them for 8 cents. Philadelphia wired
that at the South mills would close for 10 days beginning
[VOL. 123.
THE CHRONICLE
Friday, ostensibly for inventory purposes. At Culcutta
burlap prices were stronger and here very steady.
Berlin cabled that for open-faced and open-handed
spending there has never been so opulent a Christmas in all
the history of the German Empire or Republic as now. A
special feature of this season's buying, says the "Times," is
the fact that not cash alone but, for the first time since the
war, credits are being freely dispensed and in Berlin almost
every non-perishable commodity can be purchased on the
installment plan. London cabled the New York "Times"
that the New Year rejoicings in Britain will be materially
dampened by the thought that the country is confronted
with a budget deficit for the fiscal year 1926-27, which may
reach an alarming figure. Just now with three-quarters of
the fiscal year gone, the deficit has reached £140,000,000.
An award has settled the garment strike in 800 shops after
a strike of 25 weeks. It hits the Communists. The old
contract giving higher pay, shorter hours, is made the basis
of the new. Terminating the 25 weeks' strike of garment
workers, members of the International Ladies' Garment
Workers' Union, the arbitration board which on Dec. 16
and 17 heard the dispute between the union and the American
Association of Cloak and Suit Manufacturers, the organize,tion of contractors,last night made public its award affecting
20,000 of the original 35,000 strikers, employed in 800 contractor shops. The 15,000 other strikers returned to work
several weeks ago under an agreement between the New
York Cloakmakers' Union and the Industrial Council of
Cloak and Suit Manufacturers, Inc., the so-called "inside"
employers. Since then the Communist leaders of the New
York union who conducted the strike have been ousted by
the International, which took over the negotiations with the
American Association:
The weather has been milder. New York on the 22nd was
32 to 40 degrees, Cincinnati 34 to 36; Chicago 32 to 38,
Cleveland, Kansas City and Detroit 32 to 36; Milwaukee
32 to 34; Montreal 23 to 24; Philadelphia 38 to 40; Portland,
Maine 26 to 32 St. Paul 24 to 30. Another cold wave is
predicted for the Northern Rocky Mountain States and
perhaps the Middle West. Floods have taken heavy•toll
in life and property in Kentucky, Tennessee, Alabama and
Arkansas, according to reports received at Chattanooga,
which say that the number dead is placed at 10 and property
damage at $500,000. Here to-day it was rainy and rather
warmer with a temperature of 38 this afternoon. But the
forecast was for rain and colder weather on Saturday.
Yesterday Chicago was 36, Cincinnati 40, Cleveland 34,
Milwaukee 32 and St. Paul 2 below zero.
Dun's Insolvency Index for December Moves
Downward.
R. G. Dun & Co.'s insolvency index is lower this week.
Proportioned to the number of firms in business, Dun's
insolvency index for December to date this year is at a
ratio of 106.9; a year ago it was 106.8 at the same date.
The December index this year is now 1.6 points below
November.
In the following table a comparison is given of the Dun
insolvency index for the first half of December and for
each month this year, with comparisons:
December 1 to 16
December. month
November
October
September
August
July
June
May
April
March
February
January
1926.
111.9
108.5
98.3
82.9
88.5
89.1
95.1
100.4
106.5
106.8
119.0
133.9
1925.
106.8
105.4
106.3
89.2
86.2
85.7
95.7
99.8
104.3
111.0
106.6
124.7
133.6
1921-1925
Average.
1-2-6:1
115.7
103.8
87.8
90.8
97.4
93.6
103.3
107.7
110.9
128.0
138.0
Course of Retail Prices of Food in November.
The retail food index Issued by the Bureau of Labor Statistics of the United States Department of Labor shows for
Nov. 15 1926 an increase of 1% since Oct. 15 1926; a decrease of about 31-3% since Nov. 15 1925; and an increase
of a little more than 54% since Nov. 15 1913. The index
number (1913=100.0) was 167.1 in November 1925; 160.0
In October 1926 and 161.6 in November 1926. The Department's statement, dated Dec. 18, adds:
During the month from Oct. 15 1926 to Nov. 15 1926 8 articles on which
monthly prices were secured increased as follows: Strictly fresh eggs,
18%; potatoes, 5%; butter, 3%; storage eggs and navy beans, 2%, and
plate beef, fresh milk and cheese. 1%. Twenty articles decreased: Pork
chops, 10%; lard, 4%; canned red salmon and rice, 8%; ham, prunes
DEC. 25 1926.]
THE CHRONICLE
and oranges, 2% • sirloin steak, round steak, rib roast, bacon, leg of lamb,
hens, oleomargarine, canned peas and raisins, 1%, and chuck roast, vegetable lard substitute, tea and coffee, less than 5-10 of 1%. The following
16 articles showed no change. Evaporated milk, bread, flour, cornmeal,
rolled oats, corn flakes, wheat cereal, macaroni, onions, cabbage, baked
beans, canned corn, canned tomatoes, granulated sugar and bananas.
Changes in Retail Prices of Food by Cities.
During the month from Oct. 15 1926 to Nov. 15 1926 the average cost
of food increased in 42 of the 51 cities, 1111 follows: Boston, Buffalo,
Fall
River, Rochester and Scranton, 3%; Bridgeport, Columbus, Denver, Little
Rock, Manchester, New Haven, New York, Philadelphia, Pittsburgh, Portland, Me., Providence and Springfield, Ill., 2%; Baltimore, Butte,
Charleston, S. C., Chicago, Dallas, Detroit, Indianpolis, Louisville, Milwaukee,
Newark, Norfolk, Peoria, St. Louis and Salt Lake City, 1%, and
Atlanta,
Cleveland, Houston, Los Angeles, Memphis, Mobile, Omaha, St.
Paul, San
Francisco, Savannah and Washington, D. C., less than 5-10 of 1%.
There
was a decrease in the following five cities: Jacksonville and
Seattle, 1%,
and Minneapolis, Portland, Ore., and Richmond, less than 5-10
of 1%. In
Birmingham, Cincinnati, Kansas City and New Orleans there
was no change
in the month.
For the year period Nov. 15 1925 to Nov. 15 1926 50
cities showed
decreases: Seattle. 8%; Portland, Ore., and San Francisco, 6%;
Los Angeles and Minneapolis, 5%; Butte Denver, Kansas City, Louisville,
Omaha,
St. Paul and Salt Lake City, 4%;
'
Birmingham, Boston, Bridgeport, Buffalo,
Fall River, Houston, Manchester, Memphis, New Haven,
New Orleans, New
York, Peoria, Portland, Me., Providence, Richmond and
Savannah, 8%;
Baltimore, Chicago, Columbus, Detroit, Indianapolis,
Jacksonville, Mobile,
Newark, Philadelphia. Rochester, St. Louis and Springfield,
Ill., 2%;
Atlanta, Charleston, S. C., Cincinnati, Dallas, Little
Rock, Pittsburgh,
Scranton and Washington, D. C., 1%, and Cleveland and
Norfolk, less than
5-10 of 1%. In Milwaukee there was an increase of
less than 5-10 of 1%.
As compared with the average cost in the year 1913, food
on Nov. 1 1926
was 73% higher in Chicago, 72% in Washington;
70% in Baltimore and
Richmond; 69% in Buffalo, Detroit and Scranton;
68% in Philadelphia;
67% in Birmingham and New York; 66% in Atlanta
and Pittsburgh; 65%
in Boston, Milwaukee and St. Louis; 64% in Charleston,
S. C., Cincinnati,
New Haven and Providence; 63% in Cleveland;
62% in Fall River and
Jacksonville; 60% in Manchester; 58% in Indianapolis,
Louisville and
Omaha; 57% in Dallas, Kansas City and New Orleans;
56% in Minneapolis,
Newark and San Francisco; 54% in Little Rock; 52%
in Memphis; 49%
In Los Angeles; 47% in Denver; 45% in Seattle;
41% in Portland, Ore.,
and 88% in Salt Lake City. Prices were not obtained
in Bridgeport, Butte,
Columbus, Houston, Mobile, Norfolk, Peoria, Portland,
Me., Rochester,
St. 'Paul, Savannah and Springfield, Ill. in 1913,
hence no comparison for
the 18-year period can be given for these cities.
Real
Estate
Market Index Holds Steady Level in
November.
3239
Ordinary Life Insurance
Sales Show Increase Over Year
Ago—New England Leads in November Gain.
The increase of sales of ordinary life insurance in the
United States for the month of November ranges from 7%
to 9% over the record of November 1925, according to
statistics compiled by two organizations representing the
majority of the life insurance companies in the United States.
The largest sectional increase in sales this month over the
record of November 1925 is 14% in the New England States,
according to figures just issued by the Life Insurance Sales
Research Bureau of Hartford, Conn. With regard to the
data the Bureau says:
All sections show a gain over a year ago. The records for individual
States show the greatest gains in Delaware and Maine.
For the eleven-month period sales are 4% higher than in the same period
of last year. All sections share in the general gain. The East North
Central and South Atlantic States lead in the year-to-date gain, each
section showing a 5% increase.
New England.
During the month,sales !tithe New England section averaged 14% more
than sales for last November—the highest increase in any of the nine geographical sections. Maine. with the very high increase of 45%,shows the
best gain in this section. Maine also leads in a 12% gain for the eleven
months of the year. The section shows a 4% gain for the twelve months
ended Nov. 30 1926 over the preceding twelve months.
Middle Atlantic.
All States in this section show a gain of at least 7% over November 1925.
This section pays for approximately 30% of the total business in the United
States. New York and Pennsylvania show gains of 14% and 11%. respecttively, and New Jersey gained 11%. Sales in the first eleven months in
this section are 3% ahead of sales in the corresponding period of last year.
New Jersey leading with a 7% gain.
East North Central.
The average gain in the section for November is 12%. Illinois, Michigan
and Wisconsin show a gain of 14%. The sectional increase for the year
to date is 5%,all States showing again of at least 3%.
West North Central.
Sales in this section in November are 4% higher than sales in November
of last year. The greatest increase in the section is 25% in Kansas. The
average gain for the eleven months over the same period of 1925 is 3%.
All States in the section except South Dakota share in the year-to-date gain.
South Atlantic.
Delaware leads all the states in its monthly gain of 68%. The South
Atlantic section shows an average gain of 3% for November. Florida leads
all the states in the country in the year-to-date gain of 22%, although the
monthly figures show a decrease of 17% from last November. For the first
Real estate market activity for the country as a whole
shows the Novem- eleven months of the year the section shows a 5% increase.
ber rate holding on the same level as the rate
for October, according to
the index of activity compiled monthly by the
East South Central.
National Association of Real
Kentucky. Tennessee, Alabama and Mississippi comprise this section,
Estate Boards. Tee index is compiled from official
records of the number
and show a 5% gain over the record of a year ago. The average increase
of transfers and conveyances recorded in 41 cities.
for the year to date is 3%•
The index for November reached 160, exactly
the same as the index
number recorded for October. This means that the
West South Central.
market activity for the
month in the 41 cities averaged 60 points higher
The amount of insurance purchase—during November in this section is
than the average for the
same cities in the same month of the years 1916-1923,
ahead
3%
of
Nov.
1925. In the first eleven months of the year sales
which period has
been taken as the base of the association's record. The figure
is five averaged 3% higher than sales in the corresponding period last year.
points lower than the figure for November of 1925.
Texas leads in the monthly gain, and Oklahoma continues to lead in the
Stability of the current level of construction activity is indicated in the year-to-date gain.
November record of contracts awarded. The total value of construction
Mountain.
contracts awarded in the 37 States east of the Rocky Mountains during
Sales in this section in September were practically identical with sales in
November showed a decline of 6% over October 1926, but an increase
November
of
last
year.
The
of
greatest monthly increase in the section is
8% over November of last year, according to the F. W. Dodge
Corpora- 23% in Wyoming. In the first eleven months of the year sales averaged
tion's reports.
3% higher than sales in the same months of last year, Idaho leading with a
The amount of new floor apace contracted for during
November is some- 17% gain.
what less than in the corresponding month of hot
year.
Pacific.
The November record indicates that
the contract total for the year will
Washington shows a gain of 17% over the sales in November of last year.
be about $200,000,000 over that of 1925,
the company's statistician esti- The gains in the section as a whole average 2%
for the year to date.
mates. The floor apace total for the year is expected
to be a little less
than that of last year.
Under Date of Dec. 18 the National Associatio
n of Real
Estate Boards says:
Life Insurance Sales in Canada—November Sales 20%
Over Last Year.
Twenty per cent, more ordinary life insurance was
purchased in Canada during the month of November than
in
Nov. 1925, according to figures just issued by the Life Insurance Sales Research Bureau of Hartford, Conn. In
reporting this the Bureau says:
•
During the month $44.251.000 of new business was paid for by
the reporting Companies, which have In force,84% of the outstanding business
in
Canada. This Is the highest record ever made in any
month with the
exception of June 1928. when the total volume of business
paid for was
$44,634,000—only 1% more than this month's record.
The Bureau's
reports show that December is generally the highest month in
the year in
Canada with June following closely.
Every province with the exception of Manitoba shows a gain
of at least
18% over the record of a year ago. Quebec and Prince
Edward Island
lead with increases of 33% and 31% respectively. Ontario
gained 18%
over last November.
Montreal leads the Canadian cities in its monthly gain of
58%. Vancouver follows closely with an increase of 57%. All the
cities with the
exception of Hamilton and Winnipeg show gains of 7% or
more.
Eleven-Month Period.
In the first eleven months of the year sales are $41,233.000
ahead of sales
in the corresponding period of last year, an 11% increase. The
general
gain for the first eleven months is reflected in each province.
Saskatchewan
leads with a 26% gain. Ontario and Quebec. the two most
provinces, show gains of 7% and 18% respectively. Montreal important
continues
to lead the cities in the year-to-date gain with a 20% increase.
The gain in the twelve months ended Nov. 30 1926 over the
preceding
twelve months is 11%. Every province shares in the general gain,
the
increases ranging from 1% in Manitoba to 28% in Saskatchewan.
Falling Off in Illinois Building Projects During
November as Compared with October.
According to Reuben D. Cahn, Chief of the Bureau of
Industrial Accident and Labor Research of the Illinois Department of Labor, permits to build in Illinois were still in
good volume in November, although the aggregate of $33,878,632 was $25,000,000 less than in October and $5,000,000
behind November 1925. The falling off from October, says
the summary, is traceable chiefly to the season, for with the
cold weather already here and lower temperature in immediate prospect, the incentive to burry the taking out of permits didn't exist. Work on the bulk of projects that have
been registered in recent months will not get under way
until spring. Mr. Cahn, under date of Dec. 18 adds:
Home building continues to occupy the centre of attention, and in the
residential classifications, the falling off in the 80-day period was only 22%,
while in non-residential structures the recession was 77%. In the 80 days
being considered, provision was made for buildings to house 4,590 families
in the 24 principal cities of the State. In the first eleven months f the
year 47,252 families were provided for, in the 17,864 residential buildings
which are estimated to involve building expenditures of $277,170,888. Nonresidential buildings have been provided for in the same period which
will
coat $137,741,602, bringing the aggregate building comitructicn in the
24
cities for the first eleven months up to $484,184,397, or $10,000,000
ahead
of the first eleven months last year.
Seven cities showed gains in the month over October. These
are Canton, Elgin, Highland Park, Oak Park, Rockford, Rock Island and
Wilmette.
The cities which showed gains over November 1925 are Decatur,
Elgin,
Evanston, Murphysboro, Rockford, Rock Island and Wilmette.
In Chicago alone 2,233 buildings were planned for in November
valued at
$28,687,560. This figure compares with $51,189,045 in
October 1926, $83,.
T1TE CHRONICLE
3240
145,400 in November 1925 and $29,264,990 in November 1924. The families provided for in new housekeeping dwellings in Chicago number 3 993.
During the first eleven months of 1926 Chicago has provided new dwellings
for 38,550 families, Berwyn for 1,361, Evanston for 1,118.
Outside the metropoliltan area, Rockford led by far all other cities in
the value of buildings for which permits were issued in November. Elgin
was second, Aurora third, Decatur fourth. During the first eleven months
of 1926 Rockford has provided new homes for 843 families and leads all
other cities outside the Chicago district in this rmpect. East St. Louis
has provided for 653, Decatur for 642, Aurora for 510, and Springfield for
416 families. For this period Peoria, with building at 85,531,610, leads
all cities outside the metropoliltan district; Rockford is a close second
with $5,325,774; Decatur third with $5,157,608; Springfield fourth with
$4,053,540.
The following statistics are supplied by Mr. Cahn:
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS CITIES IN NOVEMBER 1928, BY CITIES. ACCORDING
TO KIND OF BUILDING.
Residential Bldgs.
Total.
November 1928.
Claes.
Nov. 1925.
October 1926.
No. Estimated No. Estimated
Cost.
Bldgs
Cost.
Bldgs
November 1926.
Estimated No. Estimated
Cost.
131clgs
Cost.
s
$
s
8
Whole State_ 3.523 33.878.632 5,032 59,276,490 38,648,882 1,381 27,246.687
2,233 28,537,560 2,954 51,139.045 33,145,400 971 23,334.300
Chicago
Outside Chic- 1,290 5,341.072 2,078 8,137,445 5,503,482 410 3,912.387
206.150
37
407.803
290,777
90
268.039 109
Aurora
429,800
47
741.200
944,100
483,400 220
Berwyn.... 119
14,000
3
60,500
85,000
23
18,500
BloonaingVn
10
58,500
8
146,970
143,321
28
62
97,4v4
Blue Island_
3,500
1
44,500
1,455
6
8,1i.0
Canton --.
157,000
8
599,503
658,562
68
214,838
31
Cicero
14,600
7
50,000
66,900
18
14,600
Danville __.
7
149,000
26
114,775
535,475
231,275 156
7
Decatur____
94,850
26
173,420
474,510
115,645 157
84
E. St. Louis
85,900
20
131.796
358,845
382.943 136
Elgin
106
45 1,063,500
763,200
113 1,230,400 149 1,784,550
Evanston
238,200
10
312,046
264,150
41
298,742
High'd Park
36
39,000
4
•
146,375
42
103,400
33
Joliet•
50,837
11
70,922
116,880
101
68,770
Moline
58
5,000
1
1,000
40,000
1
5,000
1
Murpbysb'o
618,150
23
697,808
543,628
75
693,614
74
Oak Park
41,500
9
146,125
528,935
89,930 147
49
Peoria
20.500
6
78,655
162,762
30
52,745
Quincy
27
281,800
63
412.965
392,802
518,625 246
16:
Rockford___
71,000
1:
82,460
83,508
93,905 119
59
Rock Island
59,500
10
223,934
164,815
107,260 116
63
Springfield.
164,500
11
50,900
115,220
33
170,28b
22
Wilmette__
55,600
16
193,000
234,875
23
75,530
28
Winnetka __
•Figures not available before April 1926.
ISSUED
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS
IN ILLINOIS CITIES FROM JANUARY TO NOVEMBER 1926, BY
CITIES, ACCORDING TO KIND OF BUILDING.
Residential Buildings.
Total.
Mitts.
January to November
1926.
No.
Mtgs.
Miele State
Estimated
Cost.
Jan.-Nov.
1925.
January to November
1926.
Estimated
Cost.
No.
Bldg:.
Estimated
Cost.
46,829 $434,184,397 8424.232,917 17,864 8277,170,388
28,127 354.592,825 341,503,150 11,615 223,365,950
Chicago
18,702 79,591,572 82,729,767 6,249 53,804,438
Outside Chicago
2,614,453
3,923,243
501
3,885,402
1,292
Aurora
7,692,900
9,234,425
928
8,345,100
1,856
Berwyn
798,100
113
1,207,400
1,074.750
230
Bloomington
921,200
121
1,352.091
1,682,740
459
Blue Island
15,300
96,320
5
151.060
39
Canton
310
3,851,500
6,380,752
5,157,608
898
Cicero
124
781,000
1,312,100
1,335,300
153
Danville
533
2,574,250
4,781,615
5.275,327
1,353
Decatur
488
3.219,683
5,098.783
4.307,537
1.463
East St. Louis
1,443,278
2,492,903
287
3,442,257
1.282
Elgin
419 10,175,370
1,237 14.798,920 11,964,320
Evanston
2,028,141
2,358,764
185
2,406,123
401
Highland Park
•
Joliet
749,325
145
914,852
1,309,797
968
Moline
10
35,300
818,900
266,400
24
Murphysboro
246
4,817,500
7,150.901
6.180.655
932
Oak Park
324
3,197.060
5.323.863
5,531,610
1,404
Peoria
179
726,050
1,173,680
1,285,343
400
Quincy
3,196,300
6,066,826
655
5,325.774
1,933
Rockford
142
519,950
1.281,110
1,159,505
780
Stock Island
345
2,008,288
5.439,835
4,053.540
1,305
Springfield
1,292,900
104
1,862,270
1,498,868
293
Wilmette
1,146.600
2.164,165
85
1,448,605
200
Winnetka
1926.
April
•Figures not available before
business conditions made public Dec. 19.
reads in part as follows:
[VOL. 123.
The statement
The credit foundation which 1927 will inherit ia substantial and firm.
There has been no speculation among distributers of merchandise and our
banking institutions have as a general thing held a strong grip on the
loaning of funds. This year was marked by careful buying, by well-controlled receivables and an improvement in failure losses. Conservatism and
judiciousness as a rule marked the production and the marketing of goods.
Bank deposits in the leading financial centres of the country showed a
material increase toward the close of the year. This comfortable situation
to enter upon the new year.
Our transportation organizations have continued to improve their facilities and their equipment with the result that goods have moved more
freely, car loading kept at a high peak, and with economies that have
added substantially to their net operating incomes. Construction has begun to let up as the year closes, although it still maintains a high peak.
There have been funds available for construction purposes due in a large
measure to conservatism in the merchandise field. In steel and motor production there was some letting down also toward the close of the year. Unemployment has been negligible throughout 1926 and, while 1927 may
have more unemployment than the preceding year, it will not be of a serious
or disturbing nature. We added to our national wealth in 1926 a tam
that I dare not estimate. The income of the nation and the output of our
factories will show larger figures than in the previous year.
A great many individuals will enter 1927 with debts they could not
liquidate at once because of the ease with which certain commodities
could be brought on the deferred payment plan. We enter 1927, however,
with an intelligent public scrutiny directed upon the installment plan of
selling and a disposition to exercise greater care than had prevailed formerly in exchanging commodities of any kind for a promise that had not
back of it the bases of redemption. The savings of 1926 were not as large,
in my opinion, as they might have been. There were extravagances In the
air and yet this tendency generally did not force people to go beyond current income. There may be B0/7103 little recession in the early part of the
year, not a depression, merely a recession that ought not to be serious or of
long duration. With our firm credit situation, with careful hands governing the valves of credit, both in large and in small business, with our resources well controlled, with our feet set solidly, there is no reason why
1927 should not be just as good a year in its developments and its gifts
as 1926.
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District-Record-Breaking Totals
of Hog Receipts.
According to the preliminary summary of agricultural
and financial conditions issued Dec. 18 by the Federal Reserve Bank of Minneapolis, the outstanding event of November in that Federal Reserve District was the marketing of
all classes of live stock in very large amounts. The total
number of head of all varieties received at South St. Paul
was 24% over a year ago. Hog receipts reached recordbreaking totals for November and were 49% larger than in
October in number of head. However, owing to the large
proportion of stock pigs received, average weights were
much lighter than a year ago. The bank's summary eontinues:
These extraordinary receipts of live stock were reflected in the check
payments thro.igh banks in the cities having live stock terminals, the gains
in individual debits over November of last year being 23% for South St.
Paul and 10% for Sioux Falls. In the face of such heavy marketings some
price declines were inevitable. Median hog prices dropped $1 60 per
hundredweight, and other varieties of live stock declined In price as compared with October median prices. It is noteworthy that as compared
with a year ago, price changes of live stock exhibited as many gains as
losses, so that the live stock price situation in general was fully as favorable as in November of last year. 'Shipments of stockers and feeders during
November were nearly double the total for the same month a year ago, hog
shipments alone being more than three times as large as last year.
In this district grain receipts at terminals continued to exhibit totals
below a year ago, the volume in November being one-third below last year.
This has been reflected in car loadings for grain and grain products, which
were 27% below last year when comparing the first three weeks of November in each year. The median prices of the grains during November as compared with a year ago declined 15 cents for wheat, 18 cents for corn and
34 cents for flax, and increased 23 cents for durum, 14 cents for rye, 8
Looks
Chicago
of
Bank
State
cents for oats and 1 cent for barley. As compared with October medians,
Ralph Van Vechten of
small declines were shown for all the grains, except durum and flax. Grain
for Continuance of Good Business.
stocks in terminal elevators at the end of November equaled those at the
Ralph Van Vechten, President of the State Bank of end of October and were 10% greater than last
year.
and
plentiful
money
with
that
opinion
The physical volume of business, as measured by car loadings for the
Chicago, is of the
the
during
day
first
working
three
momentum,
average
weeks of November was slightly
a shade easier and business with a good
larger than a year ago. Gains in car loadings were shown for live stock,
busigood
of
continuance
the
question
to
reason
there is no
coal and coke and merchandise in less than carload lots. Reported shipments of linseed products and of flour were, respectively, 35 and 17%
ness. He says:
speaking,
lower in November than a year ago.
The year 1926 was a record-breaking year, in which, generally
quite
were
The money value of business transacted in this district, as measured by
lines
most
in
earnings
railroad earnings and other corporate
extraordinary. In looking ahead, we are prone to expect too much if we check payments through banks in 17 cities, was below that in November a
compare the new year with the old. An the other hand, there is nothing year ago, declines being shown in all reporting cities except Billings, Fargo,
to justify a pessimistic view. Business, therefore, has a good momentum, Helena, Minot, Superior, LaCrosse, Sioux Falls and South St. Paul. Of
these the first four named are in the wheat belt, and the last two named
which will carry it well into 1927.
There has been a substantial decline in commodity prices since August have live stock receiving terminals. Sales at retail, according to prelim1925 and this is still going on. If the reverse were true and commodity inary reports made to us by department store* located in 12 cities within
prices were rising, there would be an increased demand for credit, which this district were 6% smaller than a year ago.
would operate to put the brakes on business. A further decline in commodity prices, from the standpoint of volume and sales, would be beneficial, Agricultural Yield of 1926-The Season's Grain and
but might result in narrower margins of profit. We are on a sound basis
Other Farm Productions-Farm Prices.
and there is no reason to question a continuation of good business well into
The Crop Reporting Board of the United States Departthe coming year.
J. H. Tregoe of National Association of Credit Men
Sees 1927 a Good Year with Slight Recession.
There may be a slight business recession next year, but
with a firm credit situation and with properly controlled
business, there is no fear of the pessimistic predictions of
depression, J. H. Tregoe says in his annual statement on
ment of Agriculture made public on Dec. 21 its estimates of
the acreage production and value (based on prices paid to
farmers on Dec. 1) of the important farm crops of the
United States in 1924, 1925 and 1926, based on the reports
and data furnished by crop correspondents, field statisticians and co-operating State Boards (or Departments) of
Agriculture and Extension Departments. This report show
DEC. 25 1926.]
THE CHRONICLE
that7the total value of all agricultural products in 1926 is
placed at $7,802,114,000 as compared with $8,949,321,000
in 1925 and $9,334,251,000 in 1924. This year's farm crops,
therefore, are valued at $1,147,207,000 less than last year
and $1,532,137 less than two years ago. The figures are
as follows:
These figures have been revised on the basis of the latest and fullest
Information, including available Census data. The revised figures here
shown, and not the unrevised figures previously published, should be compared to obtain the proper relation of the 1926 acreage and production
to that of 1925 and 1924.
Production.
Crop.
Acreage.
Per
Acre.
Total,
Farm
Price
Dec.l.a
Unit. PerUnil
Cents.
1926 99,492.000 26.6 2,645,031,000 Bush.
64.4
Corn
1925 101,359,000 28.0 2,916,961,000 67.4
1924 100,863,000 22.9 2.309.414.000 "
98.2
1926 36,913.000 17.0 620,929,000 "
121.2
Winter wheat
1925 31,234,000 12.9 401,734,000 "
147.9
1924 35,656.000 16.6 592,259,000 "
131.6
1926 19,613,000 10.5 b205,376.000 "
115.7
Spring wheat
1925 21,021,000 13.1 b274,695,000 "
132.4
1924 16,879,000 16.1 b272,169,000 "
126.2
1926 56,526.000 14.7 832,305,000 "
119.9
All wheat
1925 52,255,000 12.9 676,429,000 "
141.5
1924 52,535,000 16.5 864,428,000 "
129.9
1926 44,394,000 28.2 1.253,739.000 "
39.8
Oats
1925 44,872.000 33.2 1,487.550,000 "
38.0
1924 42.110,000 35.7 1,502,529,000 "
47.7
1926 8,200,000 23.3 191,182,000 "
57.4
Barley
1925 8,088.000 26.5 216,554,000 "
58.9
1924 6,925,000 26.2 181,575,000 "
74.1
1926 3,513,000 11.4
40,024,000 "
83.5
Rye
1925 3,974,000 11.7
46.456,000 "
78.2
1924 4,150,000 15.8
65,466,000 "
106.5
1926
707,000 18.3
12,922,000 "
88.3
Buckwheat
1925
747,000 18.7
13,994,000 "
88.8
1924
745,000 17.9
13,357,000 "
102.6
•
1926 2,897,000
6.7
19,459,000 "
194.1
Flaxseed
1925 3,078,000
7.3
22,424,000 "
226.5
1924 3,469,000
9.1
31,547.000 "
227.4
1926 1,018,000 40.3
41.006,000 "
109.7
Rice
1925
889,000 37.5
33,309,000 "
153.8
1924
850,000 38.2
32,498,000 "
138.5
1926 4,410,000 22.8 100,710,000 "
U.S
Grain sorghums_c
1925 4,120,000 18.3
75,230,000 ••
75.5
1924 3,813.000 21.1
80,443,000 "
85.2
1926 47,053,000 d187.0
18,618,000 Bales
f10.9
Cotton
1925 46,053,000 d167.2 e16.103,679 "
f18.2
1924 41,360.000 d157.4 el3,627,936 "
f22.6
1926
8,267,000 Tons $18.64
Cottonseed
1925
____
e7,150,000 " .$30.82
1924
e6,051,000 " •$34.08
1926 58,840,000 1.47
86,377,000 "
$14.09
Hay, tame
1925 58,231,000 1.47
85.717,000 "
$13.94
1924 61,147,000 1.60
97,622,000 "
$13.77
1926 13,506.000
.74
9,984,000 "
$10.07
Hay. wild
1925 14,560,000
.87
12,724,000 "
$8.53
1924 15,205,000
.98
14,859,000 "
$7.83
1926 72,346,000 1.33
96,361,000
"
$13.67
All hay
1925 72,791,000 1.35
98,441,000 "
$13.24
1924 76,352,000 1.47 112,481,000 "
$12.98
1926
550.500 1.45
797,000 Bush. $17.72
Cloverseed
1925
823,000 1.35
1,113,000 "
$14.87
1924
820,000 1.17
958.000 "
$14.49
1926 1,659,100 10.3
17,139,000 "
$2.93
Beans, dry. edible_h
1925 1,606,000 12.4
19,928.000 "
$3.28
1924 1,575,500
9.6
15,159,000 "
$3.74
1926
521,000 12.5
16.517,000 "
$2.02
Soy beans
1925
431,000 11.8
15,102,000 "
$2.21
,1924
490.000 11.6
15,680,000 "
$2.21
1926
852,000
736 626,866,000 Lbs.
4.5
Peanuts
• 1925
958,000
729 698,475.000 "
3.6
1924 1,187.000
628 745,059,000 "
4.6
1926
784.000
9.5
17,484,000 Bush. $2.10
Cowpeas
1925
570,000
7.4
14,214,000 "
$2.81
1924
731,000
7.4
15,371,000 "
$2.37
1926 1,391,000 1851
11592,000 Tons
Velvet beans
1925 1,627,000 1538
11438,000 "
,1924 1,733,000 1744
11645,000
1926 3,163,000 113.1 357,800.000 Bush. 141.6
Potatoes, white
1925 3,092,000 104.6 323,465,000 "
186.8
,1924 3,327,000 127.7 421,585,000 "
62.5
1926
830,000 100.8
83,658,000 "
95.7
Sweet potatoes
• 1925
62,319,000 "
779,000 80.0
136.4
1924
688,000 78.4
53,912,000 "
128.8
1926 1,664,700
795 1.323,389,000 Lbs.
18.5
Tobacso
1925 1,757,300
••
783 1,376,628.000
18.4
,1924 1,705.800
1,251.343,000 "
734
20.7
Sugar cane (except for syrup 1926
208.000
1,433,000 Tons
6.9
____
(Ls.)
• 1925
239,000 14.0
3,340,000
1924
259,000
1,967,000 "
7.6
1926
127,000 171.0
21,716,000 Gals.
877:6
Cane syrup
• 1925
125,000 163.3
20,409,000 "
96.6
,1924
140,000 143.8
20,130,000 "
101.5
1926
685,000 11.0
7,537.000 Tons
Sugar beets
• 1925
647.000 11.4
7,366,000 "
10-.5.-1
1924
815,000
9.2
7,489,00
"
$7.92
1926
403.000 89.3
35,977,000 Gals.
84.5
Sorghum SYrili)
• 1926
370,000 67.4
24,926,000 "
94.9
,1924
25,004,000 "
369,000
67.8
94.3
Mapieimgar and syrup(as
1926 115,245,000 m2.28
34,776,000 Lbs.
sugar)
• 1926 115,313,000 m1.83
27.948,000 "
---_--1924 115,407,000 m2.29
35,302.000 "
1926
298,000 o346
51,500 Tons $713:46
Broomoorn_n
• 1925
223,000 o265
29,500 " $143.02
.1924
451,000 0347
78,200 "
g96.63
•
1926
20,800 1,415
29,428,000
Lbs.
23.0
Flops_n
• 1926
20,350 1,404
28,573,00
"
21.8
1924
20,350 1,360
27,670,000 "
10.3
1926
246,460,000 Bush.
72.7
Apples, total
• 1925
"
---- 172,389,00
125.7
kl924
- _ 171,725.000 "
118.1
tri
1926
____
39,095.00 Bbls.
$2.19
Apples, commercial
• 1925
33,246.000 "
$3.67
,1924
28.013.00
"
$3.66
1926
68.425.000 Bush. 100.2
---Peaches. total
• 1925
"
-- 46.562,00
137.8
,1924
53.848,00
"
---126.4
1926
25,644,00
"
---88.7
Pears, total
• 1925
____
20,720.00
"
140.3
,1924
_
18,866,00
"
141.5
'1926
2,349.11 Tons $27.58
Grapes
• 1925
__
2.064,095 "
$32.03
1924
1,777.722 "
$41.79
Oranges (2 States)
1926
33,900,000 Boxes $2.74
1925
$2.82
33.300.000 "
--1926
6,900,000 "
$2.00
Grapefruit (Florida)
1925
7,300,000 "
---$2.00
1928
7,200,000 "
$2.00
Lemons (California)
. 1925
7,136,000 "
8231
,1924
5,125.000 "
$2.40
me
1926
28.000 25.7
720,000 Bbl.
$6.75
Cranberrlea_n
• 1925
28,000 20.3
069,000 $11.20
1924
28.000 20.8
582,000 - ••
$9.42
a Minor crop prices mostly for Nov. 15. b Including Durum (production 4
States,
44,826,000_bush. 1926, 61,651,000 bush. 1925 and 62,373.000 bush.
1924). c Prin-
3241
cipal producing States. d Pounds. e Census. f Per pound. • Weighted yearly
price. h Principal producing States. i Including that gathered from acreage used
primarily for hay or grazing. 1 Pounds. II Total production of beans in the pod,
Including those grazed. 1 Trees tapped. m Per tree. n Principal producing
States. o Pounds.
CROP REPORTING BOARD.
W. F. Callender, Chairman,
Approved:
..D
J. A. Becker,
S. A. Jones.
unlap, Acting Secretary,
J. B.Shepard,
C. F. Sante,
A. E. Anderson.
The December estimates of the Crop Reporting Board of
the United States Department of Agriculture of the value of
farm crops of the United States in 1924, 1925 and 1926,
based upon the production estimates of Dec. 1 at prices
paid to farmers on Dec. 1, are shown below:
Farm Value
-Dec.
1.
Crop
1926 $1,703,430.000
1925 1,966,761,000
Corn
1924
759,870.000
1926
Winter wheat
594,289,000
1925
1924
779,548.000
237,719.000
1926
Spring wheat
363,618,000
1925
1924
343,538.000
499,531.000
1926
Oats
565.506,000
1925
1924
717,189,000
109.677.000
1926
Barley
127,453,000
1925
1924
134,590,000
33.416,000
1926
Rye
36.340,000
1925
1924
69.696,000
1926 1,016,346,000
Cotton
1925 1,597,670,000
1924 1,573,399,000
154,039.000
1926
220,381,000
Cottonseed
1925
206,190.000
1924
1926 1,216,678.000
Hay,tame
1925 1,195,133,000
1924 1,344.129,000
100.513,000
1926
Hay, wild
108,485.000
1925
1924
116,301,000
Crop-Cloverseed
Potatoes, white___
Sweet potatoes ___
Tobacco
Sugar cane* except
for syrup (Ls.)__
Cane syrup
Sugar beets*
Sorghum syrup ___
Maple sugar and
syrup (as sugar).
1926
1925
1924
1926
1925
1924
1926
1925
1924
1926
1925
1924
1926
1925
1924
1920
1925
1924
1926
1925
1924
1926
1925
1924
1926
1925
1924
Farm Value
Dec. 1.
14,124,000
16.547.000
13,882.000
506,721.000
604,072,000
263,312,000
80,075,000
85.034.000
69,444,000
245,175,000
253,362,000
259,139,000
7.107.000
18,391,000
10,693,000
19,035,000
19.725,000
20,433,000
59,706.000
47,079,000
59.524,000
30.398,000
23,646.000
29
3:2
58
779;00
000
0
7,574,000
10,053,000
Grand total, inc1.11926 $7,802,114,000
all other items__ 1925 8,949.321,000
1924 9,334.251,000
*Preliminary estimate made only for the purpose of obtaining a total for all crops.
ACREAGE, PRODUCTION AND PRICE OF GRAINS. 1924-1926.
State.
Acreage
Production (in
Price Dec. I.
(in Thousands of Acres). Thousands of Bushels). (Cents per Bush.).
1924.
Winter Whe atNew York____
320
New Jersey__
54
Pennsylvania_ 1,136
Ohio
1,853
Indiana
1,700
Illinois
2,323
Michigan
835
Wisconsin
76
Minnesota
142
429
Iowa
Missouri
1,600
108
South Dakota_
2,866
Nebraska
Kansas
9.808
100
Delaware
Maryland
500
Virginia
630
122
West Virginia_
414
North Carolina
South Carolina
57
Georgia
76
Kentucky
200
Tennessee
310
Alabama
6
Mississippi
5
Arkansas
33
Oklahoma ___. 3,684
Texas
1,365
Montana
620
Idaho
427
Wyoming
26
Colorado
1,120
New Mexico
176
Arizona
32
Utah
133
Nevada
4
Washington
1,200
Oregon
790
California
377
1925.
1926.
1924. 1925.
1926. 1924 1925 1926.
300
270 5,984 5,850 4,725 144
56
999 1,176 1,320 157
60
1,125 1,170 18.744 22.500 23.400 144
1,612 1,789 33,354 24,180 40,252 145
1,768 1,697 28,900 25,636 33,940 142
2,230 2,163 37,168 35,680 38,934 136
979 20,040 14,467 17,916 138
851
53
65 1,948 1,007 1,339 128
170
187 3.550 3,060 3.272 130
358
340 8,752 5,871 7,310 127
1,696 1,391 21,280 22,387 21,282 133
125
75 1.577 1.438
523 125
2,493 2,881 55,887 31,661 37,165 122
8,592 10,139 159.870 77,328 150,057 128
102
103 1,780 1,887 2.060 144
495
520 7,900 10,395 11,960 145
630
687 8,442 8.946 11,336 148
147 1,586 1,809 2.352 147
134
406
447 4,968 4,466 6,303 160
46
627
50
506
800 170
99
114
722 1,040 1,710 169
230
258 2,060 3,220 4,773 143
367
394 3,255 4,588 7,092 147
7
7
60
77
94 162
6
5
62
90
102 150
30
30
380
390
405 133
3.316 4,214 58,944 27,191 73,745 124
819 1,802 25,252 6,552 32,796 129
224
448 10,602 3.248 6,272 124
406
447 7,259 10.962 10.281 131
35
42
416
560
756 111
896 1,207 15,680 10,752 14,484 118
52
212 2,450
156 4,876 125
32
38
672
736
951) 141
145
149 1.769 3,190 3,129 130
4
5
74
104
120 150
372
847 20,400 9,821 19,481 130
350
880 13,193 7,350 17,600 129
603
653 5,655 11,457 12,015 154
152
143
147
158
155
150
156
136
136
136
150
127
141
148
145
151
161
158
171
185
182
160
166
175
160
150
147
155
133
125
124
136
150
175
130
146
128
136
148
132
132
129
127
124
122
122
125
120
120
124
115
117
119
130
130
131
135
143
155
150
133
136
160
130
128
118
120
107
108
107
108
110
130
107
110
115
120
130
United States 35,656 31,234 36,913 592.259 401,734 626.929 131.6 147.8 121.2
Spring Whe atMaine
4
6
7
104
196
120 170 170 175
Vermont
1
2
21
2
42
40 150 150 132
New York.....
7
8
9
133
148
162 144 152 128
Ohio
4
4
6
92
124
132 144 154 126
Indiana
4
4
6
72
64
108 142 151 120
Illinois
40
60
120
820 1,200 2,100 136 145 122
Michigan
5
5
5
92
90
82 138 155 122
Wisconsin
40
60
63
840 1,260 1,260.128 136 126
Minnesota
1,574 2,093 1,967 34,313 27,209 24,588 130 137 123
Iowa
30
23
36
390
432
554 127 130 119
Missouri
7
8
12
108
128
192 133 149 125
North Dakota_ 8,500 9,605 9,653 133,450 112,378 77.224 126 131 117
South Dakota_ 2,300 2,576 1,842 33,580 30,397 10.316 125 128 118
Nebraska
195
103
198 2,632 2,489 2,920 122 132 112
Kansas
9
9
8
94
60
27 128 130 115
Montana
2,543 3,026 3,147 41,197 31.773 38.393 124 140 113
Idaho
400
520
598 8,800 15.080 14.352 131 125 105
115
Wyoming
120
138 1,725 2.160 2.622 111 124 107
Colorado
240
260
256 3,840 3.900 3.968 118 135 104
New Mexico
40
28
37
600
336
777 125 150 113
68
88
Utah
88 1.544 2,904 2,376 130 129 102
Nevada
10
11
12
242
352
288 150 146 118
Washington.650 1,700 1,260 5,980 30,430 20,790 130 131 117
100
Oregon
614
146 1.500 11,543 1,986 129 136 120
UnitedStates 16,879 21,021 19,613 272.169 274,695 205,376 126.2 132.4 115.7
CornyMaine
NewIlampshire
Vermont
Massachu5ett5_
Rhode Island
Connecticut_New York
New Jersey _
Pennsylvania_
Ohio
Indiana
12
14
82
41
8
52
677
195
1.316
3,432
4,450
12
14
85
43
9
54
691
199
1,408
3,741
4,672
13
518
540
546
15
672
700
705
84 3,854 4,080 3.948
45 1,845 2,150 2,160
9
320
405
432
54 2,236 2,700 2,700
670 23.018 24,876 23,450
188 6,630 10,348 8.648
1,394 48,034 71,808 57.154
3,591 89,232 179,568 145,436
4.672 113.920 203,232 170,528
136 112 100
134 100 100
118 100
95
129 110 115
140 120 115
120 110 115
117
97
86
116
73
80
118
80
70
104
57
60
94
55
50
.0.,
4014
00.1
•
.4.4
.-.4
.COM
1W00
MMOO
Os0,
CAWO
4+WM
,000
41.4
I
4000
:,40
..1.
0,10
COMO
WWd,
...Z
WWW.
.-.0
,CNO
WCt
..4.
OTOO
N.NO
Price Dec. 1..
Production (in
Acreage
(in Thousands of Acres). Thousands of Bushels). (Cents per Bush.)
State.
1924.
1925.
1926.
1924.
1925.
1926. 1924. 1925. 1926.
Corn8,946 9,393 9,205 295,218 394,506 312,970 95
Illinois
1,610 1,642 1,593 45,885 65,680 54,162 106
Michigan
2,185 2,185 2,119 56,810 101,602 73,106 105
Wisconsin
4,136 4,343 124,065 148,896 147,662 85
4,595
Minnesota
10,912 11,234 11.178 305,536 492,648 413,586 93
Iowa
6,300 6,741 6,404 151,200 198,860 174,189 96
MI13801111
1,320 1,056 1,009 28,380 24,816 18,162 76
North Dakota_
4,814 4,478 4,433 102.538 78,365 79,794 80
South Dakota_
8,716 9,100 8,994 191,752 236,600 139,407 91
Nebraska
6.021 6,623 5,563 130,656 109,942 57,299 87
Kansas
138 3,672 5,069 4,278 112
137
136
Delaware
554 16,337 24,930 22,049 111
554
527
Maryland
1,694 31,479 36,982 46,585 126
1,499 1,681
Virginia
499 11,960 18.980 16,467 124
520
460
West VirginiaNorth Carolina 2,317 2,400 2.376 41,706 44,400 52.272 124
123
South Carolina 1,650 1,584 1,426 19,800 19,483 22,103 112
3,975 3,895 3,817 45,712 41,676 55,346
Georgia
112
7,714
8,700
551 8,100
580
600
Florida
3,048 3,231 3,069 76.200 85,622 101,277 102
Kentucky
3,100 3,162 3,099 66,650 63,240 85,222 108
Tennessee
2,900 2,797 2,825 36,250 37,760 45.765 122
Alabama
Mississippi__. 2,240 1,977 1,918 26,880 35,586 36,826 126
2,090 2,006 2.026 33,440 28,084 41,533 107
Arkansas
1,250 1.225 1,127 14,375 22,050 19,722 115
Louisiana
2,862 2,558 2,353 54,378 19,185 61,178 89
Oklahoma
3,943 2,957 3,844 63,088 25,134 106,863 110
Texas
359 7,560 6,584 3,949 99
399
420
Montana
66 2,026 3,198 2,706 113
78
66
Idaho
197 2,160 4,393 3,940 94
191
180
Wyoming
1,450 1,467 1,496 14,500 22,005 10,472 88
Colorado
221 3.960 3,150 4,420 110
175
220
New Mexico
682 1,014 1,120 125
40
39
31
Arizona
432 145
432
300
18
18
15
Utah
48 121
50
45
2
2
2
Nevada
49 1,290 2,030 1,715 112
58
43
Washington_ _ _
121
2,475
2,059
1,800
75
71
59
Oregon
77 2,747 2,843 2,510 138
81
82
California
QR 2
TT..1*..,121...... Inn OR, 11, 100 00 509 ,1110A1A 9010001 oftacogi
58
75
72
56
56
69
55
60
61
66
65
70
101
100
110
110
100
100
81
89
100
94
97
94
90
110
95
75
70
70
100
130
100
120
95
107
118
56
73
75
56
56
68
68
58'
68
70
64
64
85
94
88
90
76
92
65
66
76
82
80
90
56
60
92
90
72
71
87
120
115
120
95
100
106
074 64.4
and shoed corn, and
'The figures cover co n for a I purposes, including hogged
and snapped for
that cut and fed withou removing the ears, as well as that husked
obtain an equivalent
to
acreage
total
grain, the yield for grain being applied to the
production figure for all corn.
State.
[VOL. 123.
THE CHRONIC',E
3242
Price Dec. 1.
Production in
Acreage
Bush.).
(in Thousands of Acres). Thousands of Bushels). (Cents per
1926.
1924. 1925. 1926. 1924. 1925. 1926. 1924. 1925.
OatsMaine
NewIlampshlre
Vermont
Massachusetts_
Rhode Island
Connecticut
New York
New Jersey.-Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota.
South Dakota_
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia.
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington...
Oregon
California
125
11
79
8
2
13
940
48
1,006
1,600
1.875
4,374
1,513
2,590
4,587
5,855
1,630
2,616
2,834
2,456
1.369
4
48
180
150
258
360
275
11
235
177
125
75
275
25
1,200
1,455
550
155
125
232
56
10
55
2
175
280
86
135
12
84
9
2
13
1,017
50
1,157
2,000
2,138
4,855
1,619
2,603
4,770
6,221
1,923
2,354
2,834
2.699
1,712
4
55
192
188
258
378
413
13
247
221
131
85
261
30
1,140
1,091
605
170
134
214
36
12
60
2
254
320
151
136 4,750 6,075 5.168
440
468
429
11
82 3,002 3,360 3,116
306
342
272
9
96
66
60
3
480
429
377
15
1,017 33.840 36,612 34,578
50 1,440 1,500 1.650
1,111 36,216 40,495 35,552
1,980 65,600 83,000 75,240
2,234 69,375 59,864 67,020
4,661 170,586 157,788 123,516
1,570 58,704 51,808 51,810
2,577 103,600 126,246 96,638
4,532 197,241 200,340 129.162
6.221 245,910 243,863 195,962
2,077 40,750 49,998 41,540
2,024 88,944 63,558 34,408
1,984 104,858 96,356 23,213
2,537 68.768 73,953 52,516
1,626 34,225 39,376 35,122
112
100
120
4
52 1,632 1,760 1.706
186 4,230 4,128 4.836
207 3,600 5,076 5.796
310 4,644 4,902 6,820
416 7,020 7,182 10,483
496 4,262 7,021 11,408
234
182
148
14
259 5,452 5,187 6.346
287 3,717 4,862 7,175
138 1,875 2,227 3,036
63 1,200 1,615 1,386
243 4.950 4,176 5,346
798
630
500
30
1,368 30,000 26,220 38,304
83,666
13,419
49,470
1,964
635 16,225 13.612 16.510
119 5,580 8.330 4,760
134 3,750 4,690 4,690
195 5,800 5,778 4,680
720 1,512
54 1,120
525
360
280
15
57 1,804 2,820 2,280
64
80
60
2
229 6,738 11,176 9,847
8,816
10,560
7,840
304
156 1,565 5,240 5,070
55
64
59
65
65
61
52
54
51
39
37
35
40
38
31
32
44
27
28
36
44
65
53
70
62
76
90
87
90
59
64
78
78
58
80
51
63
53
43
46
50
64
75
62
65
52
51
61
63
65
60
70
70
66
50
50
49
39
35
35
40
40
34
35
42
33
36
40
44
59
50
63
59
69
67
69
65
53
55
68
66
52
64
37
38
53
45
45
44
56
75
60
62
53
50
48
1487550 1253739 47.7 38.0 39;8
United8tatos 42,110 44,872 44,394 1502529
.
New Automobile Models Announced
announced
models
automobile
new
of
Among "a number
taxicab
during the week was that of a new six cylinder
Co. to
ng
Manufacturi
&
Truck
Yellow
the
introduced by
Car
Motor
Reo
The
equipped.
fully
sell at $1,795 factory,
automobile
Co. on Dec. 21 announced that at the coming
named
shows it will exhibit a new line of passenger cars
Some
Cloud."
"Flying
the
after the famous Yankee clipper
hydraulic shock
are
equipment
standard
of
details
the
of
hydraulic
absorbers at front and rear, internal expanding
suspension,
four-wheel brakes, rubber insulated motor
disc clutch
thermostatic control of water circulation, single
and
dynamically
balanced
and seven-bearing crank shaft
to smooth
dampener
vibration
a
with
equipped
and
statically
-steel body is
out motor impulses. An especially designed all
reported to
mounted on a 121-inch wheel base. The car is
Federal
The
hour.
an
miles
65
to
5
from
have a speed
models
new
three
January
in
Motor Truck Co. will introduce
of
in addition to tho four models of the present line. One
truck
n
one-to
a
is
models
new
the
of
the most important
priced at $995. The other models are improvements on
former models with no price changes.
Additional details concerning the Falcon-Knight Motor
Car Co. have been released from Cleveland under date of
Dec. 23rd, as follows: the Falcon-Knight Motor Car Co.
will produce a six-cylinder model automobile at the former
Willys-Knight factory in Elyria, Ohio. The car will be
equipped with a Knight type motor to be built by Wilson
Foundry & Machine Co. of Pontiac. Manufacture will
begin as soon as the plant is ready, about 400 men being
employed, and it is planned to make deliveries to distributors
some time in March.
The Small Automobile Production in November.
November production (factory sales) of motor vehicles
in the United States was the smallest of any month since
August of last year. As reported to the Department of
Commerce, it was 255,813 of which 219,479 were passenger
cars and 36,334 were trucks, as compared with 332,437
passenger cars and trucks in October and 366,505 in November 1925.
The table below is based on figures received from 163
manufacturers in the United States for recent months, 54
making passenger cars and 127 making trucks (18 making
both passenger cars and trucks). Data for earlier months
include 90 additional manufacturers now out of business,
while November data for 15 small firms, mostly truck manufacturers, were not received in time for inclusion in this
report. Figures for passenger cars include taxicabs and
those for trucks include ambulances, funeral cars, fire
apparatus, street sweepers and buses:
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Trucks.
Passenger Cars.
aCanada.
Total.
U. B.
aCanada.
Total.
U. 8.
213,851
253,955
334,214
393,262
384.548
366.510
360,124
223.517
274,227
408,017
337,435
205,550
243,176
321,200
377,747
388,197
352.261
348.984
216.087
263,855
394,096
328,694
8,301
10,779
13,014
15.515
18.351
14.249
11,140
7,430
10,372
13,921
8.741
28,203
34.482
45,180
47,984
45,719
38,151
41,870
37,850
60.482
46,013
40,048
26,638
32,789
43,091
46.408
43,831
36,357
40,025
36,364
58,002
44.323
37,811
1,585
1,693
2,089
1.576
1,888
1,794
1,845
1,488
2,480
1,690
2,237
Total(11 months)._ 3,549,660 3,417,847
131,813
465,982
444,639
20,343
278,643
7,498
34,488
32,757
1.731
Total(year)
3,835,801 3,696,490
139,311
500,470
478,396
22.074
1926.
January
February
March
April
May
June
July
August
September
October
November
284,703 272.922
334,524 319.763
399,105 381,116
401,836 383,907
394,569 373.140
358,365 339,547
329,950 316,997
*393.040 380,258
*363.537 *350,913
300,142 *289,547
226.253 219,479
11.781
14.761
17,989
17,929
21.429
18,818
12,953
.12.782
*12,624
10,595
6,774
29,763
33.461
37.608
41,685
44.848
49,233
50,314
53.887
.51,333 .47,828
*47,115 044,182
*41,921 .39.666
.47,907 .45.404
*51,299 *46,428
42,890
48.965
36,334
39,388
3,698
4.077
4.385
3,573
3,505
.2,933
.2,255
.2,503
4,871
4,075
3,054
1935.
January
February
March
April
May
June
July
August
September
October
November
December
286,141
38.029
Total (11 MO9)- - - - 3,786,024 3,627,589 158.435 504,194 465,265
•Revised. a Reported by Dominion Bureau of Statistisa since Jan. 1 1926.
b Not yet available.
Lumber Industry Shows Usual Quiet at This Season.
Telegraphic reports received by the National Lumber
Manufacturers' Association indicated that while there was
no contraction of the lumber manufacturing industry during
the past week as compared with the week before, there probably has been a considerable contraction as compared with
the corresponding week of 1925. An adequate conclusion is
difficult because 25 fewer mills reported for the week ending
Dec. 18 than for the week ended Dec. 11, and 41 fewer mills
reported for last week than for the corresponding week of
1925. While some of the non-reporting mills in both instances represent seasonal shutdowns at an earlier date than
usual, some of them merely failed to report at the usual
time. The feature of the hardwood reports is a marked decline in shipments, although both production and new business have probably fallen a little, uncertainty being caused
by the smaller number of reports this week, remarks the
National Association, adding:
Unfilled Orders.
The unfilled orders of 224 Southern Pine and West Coast mills at the end
of last week amounted to 514.797,194 feet as against 506,376,962 feet for
222 mills the previous week. The 122 identical Southern Pine mills in the
group showed unfilled orders of 200,471,448 feet last week as against 202,915.464 feet for the week before. For the 102 West Coast mills the unfilled
week
orders were 314,325,746 feet as against 303,461.498 feet for 100 mills a
earlier.
shipments
Altogether tho 318 comparably reporting softwood mills had
mills
92% and orders 93% of actual production. For the Southern Pino
mills
Coast
West
the
these percentages were respectively 78 and 75; and for
94 and 97.
DEC. 25 1926.]
THE CHRONICLE
Of the reporting mills, the 295 with an established normal production for
the week of 203,206,290 feet,gave actual production 88%, shipments 81%
and orders 81% thereof.
The following table compares the softwood lumber movement, as reflected
by the reporting mills of seven regional associations, for the three weeks
Indicated:
Corresponding Preceding Week
Past Week.
Week 1925.
1926 (Revised).
Mills
318
359
343
Production
185.095,323
227,645.442
204,877,570
Shipments
169,644.367
238.122,045
175,964,277
Orders(new business)_
171,575,272
246,716.691
180,447,554
The following revised figures compare the softwood lumber movement
of the same seven regional associations for the first fifty weeks of 1926
with the same period of 1925:
Production.
Orders.
Shipments.
1926
11,850.611,504
11.959.203,833
11.839,345,871
1925
12,013,477,874
11.881,761.775
11,729,427.133
The mills of the California White & Sugar Pine Association make weekly
reports, but not being comparable, are not included in the foregoing tables,
or in the regional tabulation below. Eleven of these mills. representing
42% of the cut of the California pine region, gave their production for the
week as 11,682,000 ft.. shipments 11,186,000 and new business 11,638,000.
Last week's report from 17 mills, representing 49% of the cut, was: Pro• duction, 12,752,000 ft., shipments 14,885,000 and new business 12,215,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 102 mills reporting for the week ended Dec. 18 was 3%
below production, and shipments were 6% below production. Of all
new business taken during the week 40% was for future water delivery,
amounting to 35,103,209 ft., of which 22,536,515 ft. was for domestic
cargo delivery and 12.566.694 ft. export. New business by rail amounted
to 48,802,826 ft.. or 56% of the week's new business. Fifty-one per cent
of the week's shipments moved by water, amounting to 42,473,476 ft.,
of which 27,519,377 ft. moved coastwise and inter-coastal. and 14,954,099
ft. export. Rail shipments totaled 38.141,559 ft., or 45% of the week's
shipments, and local deliveries 3.467.031 ft. Unshipped domestic cargo
orders totaled 104.288,860 ft., foreign 103,797,195 ft., and rail trade
106,239,691 ft.
Southern Pine Reports.
The Southern Pine Association reports from. New Orleans that for
122 mills reporting shipments were 21.65% below production and orders
25.30% below production and 4.65% below shipments. New business
taken during the week amounted to 50,123,040 ft., shipments 52,567,056
ft. and production 67,096,653 ft. The normal production of these mills
Is 76,540,000 ft. Of the 119 mills reporting running time 88 operated full
time, 18 of the latter overtime. Five mills were shut down, and the rest
operated from 1 to 5% days.
The Western Pine Manufacturers Association of Portland, Ore., with
five fewer mills reporting, shows a heavy decrease in production, and
shipments and new business somewhat below that reported for the previous
week.
The reports of the California Redwood Association of San Francisco,
Calif., were not received in time for publication.
The North Carolina Pine Association of Norfolk, Va., with two fewer
mills reporting, shows some increase in production, a considerable Increase
In shipments, and a nominal increase in new business.
The Northern Pine Manufacturers Association of Minneapolis. Minn.,
reports a big increasel n production, some decrease in shipments, and a
marked decrease tp, new business.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wisc. (in its softwood production), with three fewer mills reporting shows heavy decreases in all three items.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers' Association reported from 16 mills production as 2.382,000 feet, shipments 2,729,000 and
orders 2.051,000.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
from 115 units production as 17.048,048 feet, shipments 16,646.096 and
orders 15,665,325. The normal production of these units is 19.718,000 feet.
The two hardwood groups' totals for the week as compared with the preceding week were:
Shipments.
Mills.
Production.
Orders.
Week ended Dec. 18_ _
131
19.375,096
19,430,048
17,716,325
Week ended Dec. 11_ _ _ - 147
22,313.995
21,508.333
19,861,267
For the past fifty weeks all hardwood mills reporting to the National
Lumber Manufacturers' Association gave production 1.474,094,935 feet,
shipments 1,481,903,606, and orders 1,504,290,509.
West Coast Lumbermen's Association Weekly Report.
One hundred mills reporting to the West Coast Lumbermen's Association for the week ended Dec. 11 manufactured
98,017,941 feet, sold 81,166,437 feet and shipped 82,181,935
feet. Now business was 16,851,504 feet less than production
and shipments 15,836,006 feet less than production.
3243
586,770 were operated at some time during the month,
compared with 32,592,806 for October, 32,134,682 for September, 31,321,936 for August, 31,082,482 for July, 31,770,900 for June and 32,912,732 for November 1925. The aggregate number of active spindle hours reported for the month
was 8,480,410,447. During November the'normal time Of
operation was 253i days (allowance being made for the
observance of Thanksgiving Day in some localities),compared
with 253
% for October, 253/3 for September, 26 for August,
26 for July and 26 for June. Based on an activity of 8.78
hours per day, the average number of spindles operated during November was 37,877,576, or at 101.2% capacity on
a single-shift basis. This percentage compares with 98.9
for October, 98.5 for September, 87.4 for August, 78.9 for
July, 88.4 for June and 95.9 for November 1925. The average number of active spindle hours per spindle in place for
the month was 227. The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours and the average spindle hours per spindle in
place, by States, are shown in the following statement:
Spinning Spindles.
State.
/n Place
Nov. 30.
Active Spindle Hoursfor Noe
Active During Nov.
Average ,
Spindle in
Total.
Un ted States
37,426,048 32,586,770 8,480,410,447
227
Cotton-growing States__ _ _
New England States
All other States
17,931,132 17,391,290 5,500,997,434
17,780.132 13,695,210 2,657,674,743
1,714.784 1,500.270 321.738,270
307
149
188
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,484,674
1,198,308
2.919,870
1,130,608
11,352,848
1,427,862
415,604
885,384
6.106,138
123,172
2,525,698
5,361.386
571,964
245,332
711,314
965,836
282
173
294
143
144
160
165
188
319
193
157
331
262
292
222
206
1,441,958 428,193,994
1,023,982 207,764,303
2,838 368 857,681,984
941,922 161,839,934
8,418,346 1,638,081,575
1,056,384 228,200,641
389,580
68,642,630
727,358 166,415,521
5,888.796 1,950,302,026
114,140
23,726.888
2,118,228 396.853.566
5,327,986 1,773,937,459
546,734 149,797,370
229.506
71,647,800
685,594 158,005,896
837,79
199,318,860
Cottonseed Oil Production During November.
On Dec. 18 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured,shipped out,on hand
and exports during the month of November 1926 and 1925:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Milts.
Aug. lto Nov. 30.
State.
1926.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
215,784
29,733
295,413
53,473
357,715
165,067
437,036
247,598
321,990
155,560
222,255
1 243,907
78,095
Crushed
Aug. 1 to Nov. 30.
On Hand at Milk
Nov 30.
1925.
1926.
1925.
1926.
232,537
30,005
283,501
39,430
337,206
175,561
457,835
226,407
327,570
166,970
211,423
983,274
90,941
160,206
24,610
190,098
30,919
266,750
105,625
263,314
137,038
188,054
119,238
149,423
774,574
47,313
156,476
24,338
186,706
23,811
204,574
116,402
265,222
133,070
178,636
117,618
147,289
620,011
53,060
55,781
5,168
105,885
22,554
92,387
59,571
179,899
111,081
134,316
36,934
74,653
478,360
30,798
1925.
76,348
6,837
97.066
15,993
132,616
59,211
195,592
93,683
152,229
50,716
64,581
384,356
38,167
United States
3,823,626 3,562,661 2,457,162 2,227,213 1.387.387 1.367,395
* Includes seed destroyed at mills but not 23,249 tons and 32,276 tons on hand
Aug. 1 nor 36,094 tons and 69,819 tons reshipped for 1926 and 1925. respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Dean.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Nov. 30.
Shipped Out
Aug. 1 to
Nov. 30.
On Hand
Nov. 30.
Crude oil (pounds)_
1926-27 a8,280,561 736,536,867 651,699,273 al31,034.307
1925-26
4,847,333 645,563,053 592,923,235 111,965,133
COMPARATIVE TABLE SHOWING PRODUCTION. NEW
Refined 011(Pounds) 1926-27 1145,670,884 c.544,042,810
1232,983,313
BUSINESS,
1925-26 173,549,345 476,048,376
SHIPMENTS AND UNFILLED ORDERS.
111,653.640
Cake & meal (tons) 1926-27
142,844
1,102,293
1,069.131
176.006
EndedWeek
Dec. 11.
Nov. 27.
Dec. 4.
Nov. 20.
1925-26
831,499
18.976
1,034,704
222.271
No.of mills reporting _ _ _ _
100
105
104
106 Hulls(tons)
1926-27
92,333
701,114
527,804
265,643
Production (feet)
98,017,941
103,234,847
92,570,738 107.025,490
1925-26
39,503
615,930
468,055
187,378
New business (feet)
81,166,437
82,127,675
78,074,994
94,306,267 Linters (running , 1926-27
65,753
408.633
281.951
192,435
Shipments (feet)
82,181,935
89,455,196
73,179,880 111,012,684
bales)
1925-26
18,547
416,015
288,738
145,824
Unshipped balances:
Hull fiber (500-1b. 1926-27
17.335
22,638
25.717
14,256
Rail (feet)
92,655,934
93,454,212
85,117,209
92,098,676
bales)
1925-26
4,008
31,621
16,970
18,659
Domestic cargo (feet)
99,483,226 111,001,716 111.449,500 108,945,134 Crabbots, motes, 1926-27
6.763
12,345
9.075
10,033
Export (feet)
111,322,338 120,632,351 122,721,574 120,194,032
dm.(500-lb.bales) 1925-26
1,758
13,274
8,428
6.604
Total (feet)
303,461,4.98 316,751,276 327,625,286 321,237,842
a Includes 3,532,157 and 14.135,238 pounds held by refining and manufacturing
First 50 Weeks1926.
establishments and 2,972,229 and 30,285,300 pounds In transit to refiners and con1924.
1925.
1923.
Average number of mills..
106
123
113
134 sumers Aug. 1 1926 and Nov. 30 1926, respectively.
Production (feet)
5,221,161.549 4,996,566,678 4.696,279,700 5,112,850,899
I Inaludes 2,376,183 and 4,364,320 pounds held by refiners, brokers, agents and
New business (feet)
5,200,181,767 5,139.215,016 4,767,123,426 5,084,885,562 warehousemen at places other than refineries and manufacturing establishments and
5,224,751,382 5,151,063,411 4,792,549,587 5,193.624,212 2,702,114 and 13,140,583 pounds in transit to manufacturers of lard
Shipments (feet)
substitute,
oleomargarine, soap, dm., Aug. 1 1926 and Nov. 30 1926, respectively.
e Produced from 591,718,765 Pounds crude oil.
Activity in the Cotton Spinning Industry for November
1926.
The Department of Commerce announced on Dec. 21
that, according to preliminary figures compiled by the Bureau of the Census, 37,426,048 cotton spinning spindles were
in place in the United States on Nov. 30 1926, of which 32,
EXPORTS OF COTTONSEED PRODUCTS FOR FOUR MOS. END.
NOV.30.
Item.
Oil-Crude (Pounds)
itenned (pounds)
Cake and meal (tons)
Linters (running bales)
1926.
1925.
5,107,952 11,737.724
3,410.638 11,464.432
169,704
137,144
33,977
23,122
THE CHRONICLE
3244
Prices
Revised in Few Sections.
No price changes of any importance were announced in
the crude oil markets of the country throughout the week.
Gasoline, on the other hand, showed some price revisions.
though they were more or less local in effect. On Dec. 18
the Cities Service Refining Co. and the New England Oil
Refining Co. at Boston announced an increase of lc. in
retail and tank wagon prices of gasoline following the upward
revision made Dec. 17 by the Beacon Oil Co. The Standard
Oil Co. of New York on Dec. 18 advanced the gasoline
price at company operated filling stations in New England
1 cent to 22 cents. The tank wagon rate remains unchanged.
Later in the week, the advances were extended to sections of
New York State.
In San Francisco on Dec. 21 the Standard Oil Co. of
California announced an advance in the price of gasoline
1 cent to 2 cents a gallon. An advance of 1 cent was made
in San Francisco Bay region and points north, and of 2cents
In Los Angeles and points inland. It was reported on the
same day that all major California oil companies followed
the Standard's increases in price.
On Dec. 21, the Standard Oil Co. of New Jersey advanced
the export price of gasoline 3i cent a gallon.
Denver, Colo., dispatches on Dec. 22 stated that effective
as of that date, the Continental Oil Co. had advanced tank
wagon and service station prices of gasoline M cent a gallon
In Idaho.
In addition to the New England prices announced by the
Standard Oil Co. of New York, the company on Dec. 24
advanced tank wagon and service station price of gasoline
1 cent per gallon in Buffalo, Rochester and Western New
York generally. Upper New York State prices were advanced from 1 to 2 cents per gallon.
In the wholesale market at Chicago on Dec. 24 the quotations read as follows: United States Motor grade gasoline,
®93/2c.; Kerosene, 41-43 water white, 6Yi@6Mc.; fuel
oil, 24-26 gravity, $1 30@$1 35.
Crude Oil Prices Remain Unchanged-Gasoline
Crude Oil Output Remains Practically Unchanged.
With an increase of only 450 barrels per day estimated daily
average gross crude oil production in the United States for
the week ended Dec. 18 amounted to 2,396,700 barrels
as compared with 2,396,250 barrels for the preceding week.
The daily average production east of California was 1,736,600
barrels, as compared with 1,740,550 barrels, a decrease of
3,950 barrels. The following are estimates of daily average
gross production by districts for the weeks as indicated:
(in Bands.)
Oklahoma
Kansas
North Texas
East Central Texas
West Central Texas
Southwest Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Dec. 18 '26. Dec. 11 '26 Dec. 4 '26.
547,900
564,650
561.200
119.150
119,150
119.750
260,100
261.600
261,650
54,950
55,300
54,950
124,800
126,850
128,750
42,700
40,700
40,650
55,850
55,900
54,800
140,600
140,150
138,950
178.800
181,300
181,750
111,000
110,500
110,000
64,900
58,550
57,400
16,800
11,800
11,650
7.750
8,150
7,700
6,200
5,950
7.400
658,300
655,700
660,100
Dec. 19 '25
463,500
102,850
87,360
70,600
79,300
39,450
44,850
196,050
90,250
103,500
79,400
16,050
5.350
4,550
633,000
2,016,150
2,388,800
2,396,250
2,396,700
Total
The estimated daily average gross production of the Mid-Continent
field including Oklahoma. Kansas, North. East Central, West Central and
Southwest Texas, North Louisiana and Arkansas, for the week ended Dec.
18 was 1.360,700 barrels, as compared with 1.364,300 barrels for the preceding week, a decrease of 3.600 barrels. The Mid-Continent production,
excluding Smackover. Arkansas heavy oil, was 1.250,950 barrels as cornpared with 1,253.550 barrels, a decrease of 2,600 barrels.
In Oklahoma, production of North Braman is reported at 18,550 barrels,
barrels;
against 22,600 barrels; South Braman, 5.000 barrels, against 4.800
21,650 barrels,
Tonkawa, 27.450 barrels, against 30,000 barrels; Garber.
barrels;
44,850
against
barrels,
against 22,900 barrels; Burbank, 47,000
Bristow-Slick, 27.200 barrels, against 27,250 barrels; Cromwell, 13,800
barrels, against 14,650 barrels; Papoose.8,600 barrels, against 9.100 barrels;
Wewoka, 25,150 barrels, against 24,600 barrels; Seminole, 133.350 barrels,
against 130.350 barrels.
barrels.
In North Texas, Hutchinson County is reported at 144.900
,against
against 146,200 barrels, and Balance Panhandle, 13,650 barrels
barrels.
13.000 barrels. In East Central Texas, Corsicana Powell, 24,200
Reagan
against 24.400 barrels; Nigger Creek. 11.250 barrels, no change;
County. West Central Texas, 29,500 barrels, against 29,000 barrels; Crane
Southand Upton Counties.22.700 barrels, against 22,900 barrels;and in the
Laredo
west Texas field. Luling. 18,250 barrels, against 13,350 barrels;
bar3,100
Springs,
Lytton
District. 16.300 barrels, against 16.200 barrels;
reported
rels. against 3.150 barrels. In North Louisiana, Haynesville is
against
at 8,550 barrels, against 8.600 barrels; Urania. 12,150 barrels,
no change;
13.400 barrels;and in Arkansas, Smackover light, 13.000 barrels,
barrels,
heavy, 109,750 barrels. against 110.750 barrels, and Lisbon. 7.000
against 6,450 barrels. In the Gulf Coast field, Hull is reported at 20,650
against
barrels. against 21,200 barrels; West Columbia, 9.350 barrels,
Orange
9.750 barrels; Spindletop. 92.700 barrels, against 89,850 barrels;
5.600
Liberty,
County. 6.250 barrels. against 6,650 barrels, and South
barrels. against 4,600 barrels.
In Wyoming, Salt Creek is reported at 41,250 barrels against 40.150
barrels. and Sunburst. Montana, 9.000 barrels, no change.
[VOL. 123.
In California, Santa Fe Springs is reported at 44,500 barrels, against
45.000 barrels; Long Beach,95,000 barrels, against 94,500 barrels; Huntington Beach, 98,000 barrels, against 90,000 barrels; Torrance, 26,500 barrels,
no change; Dominguez. 19.000 barrels, no change; Rosecrans, 13,500 barrels,
no change; Inglewood, 39,500 barrels, no change; Midway Sunset, 91,000
barrels, against 92,500 barrels; Ventura Avenue, 52,400 barrels, against
54,700 barrels, and Seal Beach, 8,700 barrels, against 8,000 barrels.
Oil Industry Names Arbiter to Control Marketing of
Gasoline and Petroleum Products.
It became known on Dec. 23 that following the example of
the dress industry, organized baseball, the motion picture
industry and other large business interests, the oil industry
has appointed an arbiter, or mediator t to exercise control
over practices relating to the marketing of gasoline and
petroleum products, and whoe word is to be final in connection with all business transacted in this industry other
than the matter of prices in Greater New York, on the part
of the so-called "Independents." A statement reporting
this adds:
This action, it developed, was taken at a general meeting of the Petroleum
Merchants, Inc., comprised of oil companies dealing annually in upwards
of one hundred million gallons of gasoline in the metropolitan district. The
meeting took place at the Hotel Astor last Saturday when a resolution was
unanimously adopted appointing Benjamin A. Javits, general counsel to
the Association, to the post of arbiter. It is understood that the retainer
of the arbiter for the first year of his incumbency will be in five substantial
figures. Mr. Javits yesterday gave confirmation of his appointment at his
office, 165 Broadway.
Leaders in the industry not classified with the Independents have
expressed their approval of the move and indicated their readiness to
support the principle involved. The naming of an arbiter, it was explained,
has for its purpose the stabilizing of the business conducted by the
independent oil interests in this city, and the subsequent organization, with
a similar purpose in view, of other groups in the industry is to be undertaken.
Mr. Javits will be empowered to arbitrate all disputes among members;
to take definite action to eliminate the marketing and sale of bootleg
gasoline (gasoline below the standard prescribed in the United States Motor
specifications), and to take such other action as may be needed to bring
about a complete co-ordination and amity of relation between the marketers.
the large producers and refiners, the distributors and the public.
The steps loading up to the formation of the Petroleum Merchants, Inc.,
which was granted a chatter by the Secretary of State last October, and
later to the incorporation of the New York State Petroleum Marketers,
representing the oil industry throughout the State, of which Mr. Javits
Is also general counsel, have occupied his attention for nearly a year, and
led to his selection as arbiter for the industry.
Mr. Javits is a graduate of the Fordham University Law School, class of
1918. Following his admission to the bar he became an associate of the
late Almet F. Jenks, Chief Justice of the Appellate Division for the Second
District. Mr. Javits specializes in work connected with organization and
reorganization in industry, and two years ago effected the reorganization of
the Metropolitan chain stores involving the procurement of several million
dollars of additional capital for that corporation.
Steel Demand Shows Holiday Decline with Stable
Prices-Pig Iron Price Drops.
Continued lessening of new demand for finished steel has
modified some of the recent predictions of a definite upturn
in mill operation in early January, states the "Iron Age"
in its market review under date of Dec. 23. There will be
naturally some recovery from holiday slackness, but no
marked change from the production rate of the first half
of this month, according to observations made by the "Age."
To-day the industry as a whole is close to a 65% basis, with
the Steel Corp. slightly above 70%. In the Mahoning
Valley some companies are scheduled for 60% for the remainder of the month. General suspension from noon of
Friday until Sunday night will make this the low-production week of the year, continues this trade journal, adding:
Movement of steel to the automobile industry this month and next will
exceed that of October and November, but much of it will be releases on
suspended shipments and will enter into cars built in February and later.
New orders for motor car steel await more definite data as to spring demands upon the builders.
In both rolling stock and track steel railroad activity continues to be the
best source of new buying. Chicago mills added 30,000 tons oftrack acceesoriee to their books In the week. The Pennsylvania RR. has placed
6.000 tons of tie plates, 2,000 tons of spikes and 2,000 tons of angle bare
and track bolts, two-thirds of these contracts going to Chicago mills.
New orders for heavy freight equipment totaled 2,900 cars-1,200 for
the Lehigh Valley, 1,000 for the St. Paul and 700 for another Western road.
In addition. 35 locomotives were bought by the Rock Island, also 250 ore
cars and 600 steel underframes for cars. The Santa Fe is inquiring for
1.000 refrigerator cars, the Mobile & Ohio for 600 of miscellaneous types
and the Chesapeake & Ohio for 200.
Although the week's structural steel awards were light, less than 11.000
tons, much structural work is pending, one new project, an office building in Philadelphia, calling for 15,000 tons, and work in connection with the
New York-New Jersey vehicular tunnel for 4,600 tons. An office building
in Louisville, Ky., will take 4,000 tons.
Bookings of fabricated structural steel dropped from 66% of capacity in
October to 63% in November. Last year the October percentage was 89
and the November figure 71%. The eleven months of this year show
a falling off of 7% from the eleven months of 1925.
Chicago reports make a point of the increased specifications for finished
tool products, particularly bars and sheets, from manufacturing plants
and in some cases from jobbers whose present stocks are not sufficient
to meet requirements expected early in January. At Cleveland also some
consumers of bars whose stocks are low are calling for deliveries in the
first week of next month.
Shipments of sheets to Dec. 1 point to a new record for the year. Sales,
production and shipments of the independent makers showed 113i to 123i%
reduction in November from October, but their shipments for eleven
DEC. 25 1926.]
THE CHRONICLE
months amounted to 3,175,000 tons, or only 19,000 tons below the total
for all of 1925. Production has been about 3,210.000 tons, and thus not
much over 1% in excess of shipments.
Tin plate sales have been large,both in Eastern and Pacific Coast markets.
Nearly all large users in Eastern territory have contracted for the first
half and one producer is practically booked for that period..
Pipe mill operations are at 70%, which means a larger tonnage than is
commonly realized in view of increased capacity of fully 30% since 1925,
taking into account recent seamless tube mills. Replenishment of mill
stocks partly explains present activity.
On the 12,000 tons of pig iron wanted for plumbing supply foundries in
the Central West bids of 318 50, Valley furnace, for No. 2 iron represent a
decline of 50c. a ton. In Eastern pig iron markets also the expectation of
a reduction in non-union coal miners' and coke workers' wages still acts as
a brake on new business.
An increasing use of gratings is providing an important outlet for narrow
bands.
Exports of iron and steel products in November, at 247,343 tons, were
the highest in nearly three years. The gain is largely in pipe, rails and
galvanized sheets. The eleven months of this year are nearly 22% ahead
of the same period last year.
The European Raw Steel Cartel, our cables report, now includes Czechoslovakian, Hungarian and Austrian producers.
Foundry iron weakness at Valley furnaces has brought down the "Iron
Age" pig iron composite price to $19.88,from $19.96 last week. This
is the
third small decline in successive weeks. The recent high of $20.21 was
in
November.
For the eleventh week the "Iron Age" composite price for finished steel
remains at 2.453e. per lb., the exact level of one year ago, as shown in
the
attached composite price tables:
Finished Steel.
pia free.
Dec. 21 1926, 2.453e. per Lb.
Dec. 211926, $19 88per Gross Ton.
One week ago
2 453c. One week ago
$19 96
One month ago
2 453c. One month ago
20 13
One year ago
2.4530. One year age
21 79
10-year pre-war average
1 689c. 10-year pre-war average
15 72
Based on steel bars, beams, tank plates,
Based on average of basic iron at Val
plain wire, open-hearth rails, black pipe ley furnace and
foundry irons at Chicago,
and black sheets, constituting 87% of Philadelphia, Buffalo.
Valley and Bir
the United States output.
mingham.
High.
Low.
High.
Low.
1926_2.4530., Jan, 5 2.403c., May 18 1926_321 54, Jan. 5: $19 46,
13
1925_2.560c., Jan. 6 2.3960., Aug. 18 1925._ 22 50; Jan. 13; 18 96, July
7
1924_2.7890., Jan. 15 2.460c., Oct. 14 1924._ 2288. Feb. 26: 1921, July
Nov. 3
1923_2.824c.. Apr. 24 2.446c., Jan. 2 1923._ 3086, Mar. 20: 2077. Nov.
20
3245
Mr. Sharp in reviewing conditions in the zinc industry as of Dec. 1,
after pointing out that owing to the Christmas holidays and inventory taking,this time is usually a period of quietness, continues:
"With the turn of the year we may hope for better things. The Brilsh
coal strike has fizzled out and industries in the United Ringdom are preparing for a busier time than was experienced in the year just closing. Consequently it may be safely assumed that from January there will be a fair increase in the British consumption of zinc, although in a month or two such
enhancement will be met by domestic production. Since suspension of
British zinc smelting, shortly after the start of the coal strike May 1, every
ton of zinc consumed has necessarily had to be imported. With comparatively cheap domestic coal once again available, the various smelters
are preparing to resume operations, and while it will be some weeks before
they get into full swing,some output can be expected in January.
"British consumers are lightly stocked with metal. and if they do not buy
Immediately before Christmas, they.must inevitably enter the market for
supples early in the new year.
"The more encouraging outlook so far as England is concerned is unfortuately counteracted by the quieter condition of trade on the Continent.
So far as zinc is concerned, the fabricating trades in Europe are experiencing
the slacker times peculiar to the winter, the rollers and oxide makers being
chief sufferers. Then we see to-day a decided slump in industry in France.
That country has not known the unemployment problem since the war,
as it has benefited from the transitory advantages of inflation. But in the
past few weeks the franc has appreciated so rapidly as to leave the cost of
living behind, and manufacturers have been unable to readjust conditions
in the shape of wages and supplies. Thus it is that French industry as a
whole is commencing to taste the aftermath of inflation, and Is faced with
the same real difficulties that have beset the other nations in their respective
periods of deflation.
"In the case of zinc, France finds itself unable to import Belgian zinc as
hitherto and the tonnage in question is consequently being offered in England to embarrassment of the London market. While in January it may
be possible for Great Britain to absorb this extra quantity, its pressure on
the market just now is naturally a depressing influence.
"Even in Germany, where there has been steady progress in the metal
and other industries for many months, there is something of a seasonal
let-up and traders evince no desire to carry stocks of non-ferrous metals.
"The safety valve in case of zinc lies in the fact that there is comparatively little profit in the current selling price vis-a-vis cost of production.
It therefore goes without saying that if the price drops below the economic
level, the higher cost producers will promptly cease outputting and provide
the necessary market brake.
"The outlook for 1927 can more aptly be covered in my next survey as at
1st January,and I will content myself by stating that lam not at all pessimistic as to the prospects for the zinc industry next year."
Railroad business is pre-eminent in the iron and steel
market, which is characterized by the usual pre-Christmas
lethargy, declares the "Iron Trade Review" of Cleveland
on Dec. 23. Four roads placed between 30,000 and 35,000
tons of track fastenings at Chicago. Active freight ear
inquiry now totals 26,700, requiring 400,000 tons of iron Approach of Holidays Causes Slump in Bituminous
and steel products, while 3,150 cars ordered during the week
Coal Markets-Anthracite Steady.
will bring 47,250 tons to the mills, adds the "Review" in
The combination of heavy production and the customary
summarizing activities in the iron and steel markets for the
holiday let-down in ordinary industrial buying is proving too
past week. Further details we quote as follows:
much for the bituminous coal markets of the United States
Car awards include 500 box, 500 hopper and 200 automobile
for the
Lehigh Valley: 500 stock, 500 auto for the St. Paul; 700 unspecified
type in the opinion of the "Coal Age" of New York. Spot prices,
In private closing at Chicago and 250 ore for the Chicago
& North Western. with very few exceptions, continue to exhibit a marked
The latter carrier has come into the market for 120 passenger
cars. The downward trend which has not been checked
by curtailment
St. Paul has withdrawn 500 automobile cars. New inquiry
embraces
250 fiat, 200 gondola and 150 hopper cars for the Mobile & Ohio.
in production activities at some mines and plans for wholeForward buying in finished steel continues extremely sparing. In fact, sale closing down over the holidays
in entire districts,observes
In fact, producers never approached so closely to first quarter with so
little of their capacity engaged. Yet a feeling of confidence in the opening the "Age" in its Dec. 23 resume of the state of trade, from
months of 1927 everywhere is evident. Car steel ahead of mills is of which we quote:
record-breaking proportions. The automotive industry is stirring again.
These requirements, plus hand-to-mouth buying which can be expected
from general consumers, should bring in round tonnages early next quarter.
the mills are confident.
Quickening in the automotive industry is being felt in many directions.
Several northern Ohio blast furnace interacts report pig iron shipments
thus far in December in excess of November. largely on this
account.
At Chicago, alloy bars for first quarter delivery are more active.
The she:A
industry in the Mahoning Valley has received additional releases
from
Detroit. Makers of finished steel, other than strip, at Pittsburgh
are
either slightly stepping up their shipments to the automotive
industry
or will shortly go on.
Iron and steel scrap in most districts displays more life and at
Pittsburgh,
an $18 market in heavy melting steel, or a dollar over the
current level,
Is looked for next quarter.
Exports of iron and steel from the United States in November
totaled
219,830 tons, a height not reached since January 1924 and an
increase
of almost 50,000 tons over both October and November 1925.
The "Iron Trade Review's" composite price on 14 leading
iron and
steel products this week is $38 12. This compares with
$3822 last week
and $38 24 the previous week.
World Zinc Stocks Increase 1-600 Metric Tons-Sharpe
Estimates World Stocks Dec. 1 at 33,100 Metric
Tons, Against 31,500 Nov. 1.
A. J. M. Sharpe, Honorary Foreign Secretary of the
American Zinc Institute, estimates world stocks of zinc
Dec. 1 at 33,100 metric tons, of 2,204.6 pounds each, compared with 3,500 Nov. 1, increase of 1,600 tons during the
month, mainly in the United States. Stocks of Oct. 1 came
to 30,100 tons, Sept. 1 33,200, Aug.1 to 37,200,July 1 40,600
and June 1 49,200 tons. In reporting this in its issue of
yesterday (Dec.24), the "Wall Street Journal" said:
A survey of the price situation in Eastern and Southern coals reveals an
almost unbroken series of declines. Screenings in the No. 8 field registered
a trifling advance, a few tidewater quotations held to the figures of the
preceding week, but in other directions offerings were made at sharp
reductions. In the Middle Western field the situation was little better.
No advances, except on western Kentueky screenings, were reported, but
declines were fewer.
The "Coal Age" index of spot bituminous prices was 200 on Dec. 20 and
the weighted average price was 3242. Compared with the preceding week
this was a loss of 14 points and 17c. The steady easing off in prices has
carried the spot levels back to mid-October ranges, with the possibility of
further decreases strong. Any upturns will be the result of weather demand,
principally for coal suitable for household use. Stocks on hand and fluid
transportation rob mid-winter of its old-time terrors when car shortages
and low reserves sent spot prices skyrocketing.
Analysis of available distribution data indicates that the country as a
whole is in good shape from the standpoint of fuel reserves. Coastwise
shipments to New England have been behind.those of last year, but ahead
of 1924. The increase in all-rail shipments does not equal the difference
between 1925 and 1926 water-borne coal, but as an offset to that is the
fact that 1925 movement was swelled by bituminous buying to take the
place of strike-bound anthracite. The lake trade has been better served in
point of tonnage than it was last year and no complaint is heard from the
run of inland markets.
Up to Nov. 30 tidewater exports were 18.743,842 net tons, as compared
with 4,817.398 tons last year, 4,359,752 tons in 1924 and 4,830.802 Lona in
1923. Few new charters are reported-particularly at the Northern ports.
Nevertheless in the rush to fill outstanding orders, during the week ended
last Thursday there were 64 cargoes loaded for foreign destinations at
Hampton Roads, 55 cleared from Baltimore and 21 from Philadelphia.
Of this total 78 vessels were destined to the United Kingdom.
On the domestic side, the anthracite demand is controlled by the weather
man. Stocks already accumulated by forehanded consumers are so he.orY,
however, that the mercury is less potent than in former years
and
independent quotations on the larger sizes actually weakened last week.
The steam market, on the other hand, was somewhat stronger in New
York, but little changed in Philadelphia. Lake movement has been
suspended, but there was 54,424 tons of cargo and 2,117 tons of bituminous
vessel coal loaded at the Lake Erie ports during the week ended Dec. 19.
In the beehive coke market interest centers upon the question of prices
for first quarter contracts. Neither buyer nor seller appear to be
near
agreement on this question, which is complicated by the wage
situation.
Current output in the ConnelLsville region is declining
Following table gives in metric tons Mr. Sharpe's estimates of
zinc stocks
in various countries during the last six months:
Dec. 1. Nov. 1, Oct. 1. Sept. I. Aug. 1. July I.
United States
13,200 14,400 14,200 16,500 20,900 23.400
Canada
2,300 2,300 2,200 2,400 2,300 2,100
Australia
2,300 2,200 2,200 2:200
,
2,200
Germand and Poland
7,500 6,000
,
5,800
The coal market a few days ago began recovering from
Belgium
3,200 2,400 2,100 2,000 1,800 6.500
1,800
France
1,400 1,000 1,000 1,000 1,000 1,200
one difficulty and preparing to face another one, declared
Great Britain
1,000 1,000 1,000 1,000 1,000 1,000
Scandinavia
200
200
200
200
200
200 the "Coal and Coal Trade Journal" on Dec. 23, when it
Far East
500
500
.500
500
500
500 issued its review of the market
Elsewhere
1,500 1,500 1,500 1,500 1,500 1.500
for the past week, adding:
Exports were diminishing rapidly, for
the contracts that were keeping
Total
33,100 31,500 30,100 33,200 37,200 40.600 ships loading at our ports
after the British strike had ended, were
terminate
3246
THE CHRONICLE
hg; the lake season was over and industrial buyers had decided that they
could secure their reserve stocks cheaper somewhat later. These were the
conditions that actually prevailed.
The situation that would, or might, develop when April appeared was
the one that was looked forward to with disquietude. The psychological
effect of a ballot that took place last week was a distinctly annoying one,
even if the result of the vote could have no immediate effect.
• But in the midst of the consideration of these conditions kgreat event
took place in the coal world that demanded attention and unquestionably
received it. Somewhere in Alaska the edict was sent out that the country
should become frigid and the coal man put away all thought of export, all
consideration of proposed strikes, all ideas of what he could do, or would
do when possible trouble came, and gave attention to the public and their
immediate and pressing needs. Zero weather appeared in the West and
then in the East. New England was the last to feel it with any intensity.
The wholesalers and the retailers throughout the land sold what coal
they had. The purehssing agent revised his attitude, for the time being
at least, and avoided some bad situations that might have appeared at
the great fuel consumers' plants. The buying was rapid, and the source
of supply was that nearest at hand. There was little time for shopping.
Some disorder In quotations was the result.
Strangely enough there was little or no snow accompanying the sweeep
of cold winds. The movement of cars was easy. Only one instance of a
Shortage of railroad carriers is reported. With all the machinery for supplying the demand is in good order. Fourteen million tons of coal have been
rained in the country for several weeks so there was plenty to deliver.
The condition that the sudden stress of weather gave rise to is, however,
bound to be a transitory one. Prices will soon steady and remain firmer.
Then the mind of the coal man will go back to the larger situation with
which he is faced.
kr And this situation is that the end of a certain era has come. Mines are
not opening up now. On the contrary many that were on the boundary
line of profit are closing down. The retreat from very high prices has been
accomplished. Chicago says there is a drastic curtailment in production
in Kentucky and points East. Pittsburgh has somewhat the same report
te make. Philadelphia, whose business was good last week, talks of
expected labor trouble and will not be appeased with momentary success.
New York can hardly declare what is the condition of the coal market or
what to expect.
11 The simple fact of the matter is that a long period of high production
has!caused plenty of coal to be on hand at this time which can be easily
Moved, but everyone seems to feel that we are approaching a not distant
future when the supply is to be curtailed and remain curtailed.
Ilk• The opinion of the purchasing agents of the industrials, however, still
seems to be that before this decrease of supply comes about, the price of
coal Is to go lower. The smaller buyers hope this is true and are acting
accordingly.
Ire At any rate, with the present holidays production will ease off, and with
the closing of unprofitable mines, will probably remain off.
lir There is another reason to keep it "off." It is felt that between now
and April is not the time to do anything like shopping for labor. There is
a tendency to make it understood that the recent high production was due
to a foreign strike that is over and from now on less coal and less labor will
be demanded.
Output of Bituminous Coal, Anthracite and Coke
Somewhat Lower.
Declines occurred in bituminous coal and anthracite production during the week ended Dec. 11, according to estimates prepared by the United States Bureau of Mines.
Bituminous coal fell off by about 3.8%, while anthracite
fell 9.5% below the figures reported In the preceding week.
Further losses were also shown in the output of coke, which
[VOL. 123.
continued the decline it has shown for a number of weeks.
Additional data from the Bureau is as follows:
Although bituminous coal Production again passed the 14-million-ton
mark in the week ending Dec. 11, there was a sharp decline. The total
output for the week, including lignite and coal coked at the mines, is estimated at 14,122,000 net tons, a decrease of 554,000 tons, or 3.8%, compared with the record of the week ended Dec. 4.
Estimated United States Production of Bituminous Coal (Net Tans). Including Coal
Coked.
1925a
1926
Cal. Year
Cal. Year
to Date.b
Week.
1 g,
to Date.
Week.
485,785,000
515,504,000 L 11,599.000
13,413,000
Nov. 27
2.188,000
1,668,000
1,844,000
2,439,000
Daily average
478,653,000
12,868,000
530,180,000
14,676,000
.
Dec. 4c
2.145,000
1,678,000
1,857,000
Daily average__2,446,000
491,581,000
544,302,000 WA 12,908,000
14,122,000
Dec. 11.d
1,687,000
2,151,000
1,867,000
Daily average_ _ _ _ 2,354,000
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 number of days
In the two years. c Revised. d Subject to revision.
Cumulative production of soft coal during 1926 to Dec. 11 (approximately
292 working days) amounts to 544,302,000 net tons. Figures for corresponding periods in other recent years are given below;
536,369,000 net tons
534,752,000 net tons 1923
1920
453,243,000 net tons
392.701,000 net tons 1924
1921
491,561,000 net tons
394,909,000 net tons 1925
1922
ANTHRACITE.
The increase in anthracite production during the week ended Dec. 4
appears to have been temporary. The total production during the week
ended Dec. 11 is estimated at 1,808,000 net tons, a decrease of 189,000 tons,
or 9.5%. Two factors may have affected output-the close of the Lake
season for anthracite on Dec. 4 and the occurrence of certain religious
holidays.
Estimated United States Production of Anthracite (Net Tons).•
1925
1926
Cal. Yeas
Cal. Year
to Date.a
Week.
to Date.
Week.
Week Ended61,474,000
36,000
76.777,000
1,638,000
Nov.27
61,537,000
63,000
78,774,000
1,997,000
Dec. 4
61,601,000
64,000
80,582,000
1,808,000
Dec. 11_6
days
a Minus one day's production first week in January to equalize number of
revision.
in the two years.,b Subject to
BEEHIVE COKE.
at
Production of beehive coke for the week ended Dec. 11 is estimated
184,000 net tons, a decrease of 7,000 tons, or 3.7%, from the week precedof
ing. Compared with the corresponding week of 1925 there is a decline
104,000 tons, or 36.1%. Cumulative output during 1926 to Dec. 11
amounts to 11,917,000 tons, about 11% snore than during the same period
of 1925.
Estimated Production of Beehive Coke (Net Tons).
1925
1926
Week Endedto
to
Dec. 11 Dec.4 Dec. 12
Dates
Date.
1925.
1928.b 1926.c
148,000 154,000 230,000 8.951,000 7.638,000
Pennsylvania and Ohio
609,000
736,000
15,000 14,000 15,000
West Virginia
883,000
582,000
6,000
8,000.
Ala.. Ky., Tenn. and Oa
357.000
335,000
6,000 10,000
6,000
Virginia
229,000
244,000
5,000
5,000
5,000
Colorado and New Mexico_ _
185,000
169,000
4,000
4,000
4,000
Washington and Utah
184,000 191,000 288,000 11,017,000 9,901,000
United States total
34,000
38.000
31,000 32,000 48,000
Daily average
a Adjusted to make comparable the number of days In the two years. b Subject
to revision. c Revised since last report.
dieThe "Weekly Courier" states that production in the Connellsville
decrease of
triit was reduced to 125,990 tons in the week of Dec. 11, a
in coke
12,660 tons compared with the week before. This is the second cut
one of the
production on the present downward movement in the trade, and
heaviest curtailments made in any single week In the year.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 22, made public by the Federal
Reserve Board and which deals with the results for the
twelve Reserve banks combined, reflects the usual holiday
demand for currency, Federal Reserve note e rculation
increasing $73,800,000 during the week, and cash reserve
and non-reserve cash declining $41,800,000 and $3,900,000,
mspectively. Holdings of discounted bills increased $153,100,000 and of acceptances purchased in open market $3,500,000, while Government security holdings decined
$163,800,000, the redemption of $188,000,000 of temporary
certificates issued by the Treasury to the Federal Reserve
banks on the previous report date having been partly offset
by additional purchases of securities in the open market.
After noting these facts, the Federal Reserve Board proceeds
as follows:
discount holdings,
All of the Federal Reserve banks report increased
decline of $4,900,000.
with the exception of Kansas City, which shows a
The principal increases
and of Atlanta, which shows a small decrease.
Chicago
In discount holdings wore as follows: New York $74.200,000.Cleveland
$12,700,000.
$23,400,000, San Francisco $16.000,000, Boston
$8,300,000.
$11,000,000. Philadelphia $9,300,000, and St. Louis
the St. Louis
Open-market acceptance holdings declined $4,900.000 at
at the New
bank and $2,200,000 at Atalnta, and increased $4.400,000 Francisco.
San
-York bank, $2,900.000 at Boston, and $2,200,000 at
and of
$7,600.000
The System's holdings of Treasury notes increased
certificates
;I:flitted States bonds $500.000, while holdings of Treasury
certificates fold
declined $171,900,000. the redemption of the temporary
being partly
by the Federal Reserve bank on the preceding Wednesday
offset by purchases in thelopen market.
Reserve
All Federal Reserve banks report a larger volume of Federal
notes in circulation, the principal increases being: New York $47,700,000.
Chicago $17,100.000, Cleveland $11,200.000. Philadelphia $6,400,000,
Atlanta $4,700,000, Richmond $4,600.000. and San Francisco $4.000,000.
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 292 and 32(3. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Dec. 22 1926 is as follows:
Increase (+) or Decrease (-)
During
Year.
Week.
+$153,000,000
-$41,800.000
Total reserves
+138.000.000
-27,400.000
Gold reserves
--85,100,000
-7,200,000
Total bills and seeurities
-48,700.000
+153,100.000
Bills discounted,total
-19,100.000
Secured by IL S. Govt. obligations- +100.400,000
-29.600.000
+52.700.000
Other bills discounted
+17,600,000
+3,500.000
Bills bought in open market
-45.100,000
total_
-163,800,000
securities,
U. S. Government
-19.000,000
+500,000
Bonds
-100.200,000
+7,600.000
Treasury notes
+74,100,000
-171,900,000
Certificates ofindebtedness
+73,800.000
+18.300,000
Federal Reserve notes in circulation_ _ _
-84,500.000
+32.300,000
Total deposits
-1,300.000
-135.800,000
Members'reserve deposits
+38,700,000
+61,700.000
Government deposits
The Member Banks of the Federal Reserve SystemReports for Preceding Week-Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue the
weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
DEc. 25 1926.]
Tlii.: CHRONICLE
returns of the Federal Reserve banks are always given out
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
ending May 19 1926, it was the practice to have them ready
on Thursday of the following week, and to give them out
concurrently with the report of the Reserve banks for the
next week. The Reserve authorities have now succeeded in
expediting the time of the appearance of the figures, and they
are made public the following week on Monday instead of on
Thursday. Under this arrangement the report for the week
ending Dec. 15 was given out after the close of business on
Monday of the present week.
The Federal Reserve Board's condition statement of 689
reporting member banks in leading cities as of Dec. 15 shows
increases for the week of $38,000,000 in loans and discounts,
$22,000,000 in investments, $290,000,000 in net demand
deposits, and $89,000,000 in Government-deposits, together
with a decline of $45,000,000 in borrowings from the Federal
Reserve banks. Member banks in New York City reported
an increase of $5,000,000 in loans and discounts and a
decline of $22,000,000 in investments. These changes were
accompanied by increases of $174,000,000 in net demand
deposits and $26,000,000 in Government deposits and a
reduction of $68,000,000 in borrowings from the Federal
Reserve Bank.
Loans on stocks and bonds, including U. S. Government
obligations, increased $78,000,000, of which $46,000,000 was
in the New York district. "All other" loans and discounts
were $40,000,000 below the previous week's total at all
reporting banks and $38,000,000 below at reporting banks in
the New York district. Total loans to brokers and dealers
secured by stocks and bonds, made by reporting member
banks in New York City, increased $54,000,000, loans for
their own account and for out-of-town banks having increased
$12,000,000 each and loans for others $30,000,000. 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:
Holdings of U. S. Government securities were $7,000,000 below the
Dec.8 total, a decline of $27,000,000 in the New York district being offset
in part by an increase of $9,000,000 in the Philadelphia district and snialler
increases in some of the other districts. Holdings of other bonds, stocks
and securities increased $29,000,000, all of the districts except Richmond
and Dallas reporting relatively small increases in this item.
Net demand deposits were $290,000,000 above the Dec. 8 total, the
principal increases including $195,000,000 in the New York district.
$32,000,000 in the Chicago district. $19,000,000 in the San Francisco district
and $10,000,000 ;n the Dallas district. Government deposits were larger
than a week ago at reporting banks in all districts, the principal increases
being $28.000,000 and $13,000.000 in the New York and Philadelphia
districts, respectively.
Borrowings from the Federal Reserve banks were $45,000,000 less than
on Dec. 8, the reduction of $63,000,000 reported for banks in the New York
district being partly offset by relatively small increases in some of the other
districts, particularly Philadelphia and St. Louis.
On a subsequent page—that is, on page 3293—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Loans and discounts. total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
U. S. securities
Other bonds, stocks and securities
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. R. banks
Increase (±) or Decrease (—)
During
Week.
Year.
+$38,000.000.+$310,000,000
+4,000,000 —27,000.000
+74,000.000 —38,000,000
—40,000,000 +375.000.000
+22.000,000
+41,000,000
—7,000,000 —230,000,000
+29.000,000 +271,000,000
+99.000,000
+69.000,000
+12,000,000
—3.000.000
+290,000,000 — 47.000,000
+2,000,000 +497.000,000
+89,000,000 —94,000,000
—45,000,000 —55.000.000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports of the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (Dec. 25) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
City retailers, with few exceptions, report very good business as there
was a general tendency to do Christmas shopping earlier than in past years,
according to Trade Commissioner Lynn W. Meekins, Ottawa. Conditions
in the wholesale trade remain good. Dry goods dealers are doing a fair
volume of business. A slight drop is reported by boot and shoe wholesalers.
Men's furnishings, ladies' wear and hardware show an improvement in sales
and prospects look better than for some time. The building trade continues
3247
busy throughout Canada. Lumbering operations are now very active and
a heavy output is expected locally.
GREAT BRITAIN.
Following the termination of the mining dispute, readjustment is well
under way in the British coal business. However, price levels are not yet
stabilized and local transport and other difficulties are yet to be adjusted.
In some districts coal is being produced in excess of pre-stoppage volumes
and, in view of the position of price levels, the output tends to be above
present demand.
BELGIUM.
Although stabilization has been in effect for six weeks there are no
apparent signs of weakness in the development of the stabilization program
or any evidences that industry and commerce are suffering unduly as a
result of stabilization. Although there has been some slowing down of the
intense activity in the heavy industries because of the better British conditions, the seasonal calmness and the readjustment of the currency to a gold
basis, operations are still above normal and production in the big industries
during the year should be the best since the war. There Is no lack of money,
credits are easy, industrial bank balances are favorable and the general
tone of business is optimistic. The retail trade is somewhat less active and
imports are lower, but rather through caution than necessity. The Treasury
position is sound and has been aided by the proposed new budget, carrying
receipts of 9,577,000,000 francs and expenditures of 9,415,000,000 francs.
A National Committee on Foreign Trade has been organized under the
Department of Foreign Affairs to study, facilitate and co-ordinate Belgian
foreign trade activities. Measures will be taken by the government to
Increase its trade promotion services abroad.
THE NETHERLANDS.
The satisfactory conditions in business in the Netherlands which prevailed
during October showed no material change in November. The industrial
situation is generally encouraging. During the past year an improvement
was manifested in the banking situation, in government finances, in port
activities and in colonial business. The prospects for further improvement
next year are encouraging. The statement of the Netherlands Bank for
Dec. 15 shows a generally satisfactory condition. Budget returns for
1926 so far have been good and the Budget for 1927 is regarded favorably.
While taxation generally is high, modifications are under way. There is
ample money for current business but capital for new financing is less
abundant owing to heavy investments In high interest bearing foreign loans
and the repatriation of French and Belgian capital.
ITALY.
In view of the credit stringency which still prevails Italian interests are
very active in obtaining foreign capital. Two American loans of ten
million dollars each granted to the Lombardi Electric Co. and Montecatini
Co. have just been announced. Principal attention continues to center
around the new loan and it appears that subscriptions are satisfactory.
In some quarters it is stated that the Government will be satisfied with
raising two and one half billion fires from the public. Business throughout
the country has been greatly reduced but this situation has hot caused
any fears of serious difficulties throughout the business community.
SWEDEN.
General economic conditions in Sweden during November continue satishowever,
which was firm during October.
factory. The money market,
showed the usual seasonal stringency. This condition was somewhat aggravated in the last days of November and the beginning of December by
demands to meet tax payments due. The rising tendency of the dollar
rate has been less marked. The stringency in the money market is clearly
shown in the continued decline in note circulation, which had decreased
by 19.000.000 crowns on Dec. 15 and also by the decline of 51,000,000
crowns of deposits in the commercial banks. Rediscounts with the Riksbank continue the sharp decline and were more than 10,000,000 crowns
less during November. The stock market was active during the month;
industrial shares advanced by 12 points, while banking shares dropped off
3 points. General conditions in the export industries are satisfactory.
The outlook for the lumber industry continues hopeful with practically
the entire production for this year sold, and considerable advance sales
on the 1927 output.
GREECE.
The improvement in the political situation has begun to be reflected in
improved business conditions, and exchange, although somewhat lower
than during the immediately favorable reaction after the formation of the
coalition cabinet, is nevertheless comparatively steady and quotations
average somewhat higher than the middle of November. The Government
has decided to improve the physical condition of Greek circulating currency
by issuing metal coins up to a total value of 77,000,000 drachmas An
indication of Greece's increasing commercial stability is the face that
recently published figures for the first part of 1926 show that traffic through
the Corinth Canal increased very considerable over that of the first half
of 1925.
EGYPT.
In spite of the facts that an effort is being made to extend the cotton
financing scheme, and that the Parliament is considering legislation with a
view to limiting the acreage planted to cotton during the years 1927 to 1929,
nevertheless, there are still many demands that the Government enter
the cotton market by making purchases as it did last year and by endeavoring to stabilize prices. In response to these demands, the Government
has announced its intention to intervene by purchasing cotton futures and
the cotton market showed immediate favorable reaction to the announcement. There is considerable opposition to the proposed scheme for reducing acreage. The increasing financial stringency resulting from the
cotton situation is now being reflected in decreased building activity
throughout the country. The Egyptian industrial situation (particularly
cotton ginneries and irrigation plants) has been adversely affected by the
reduction of coal shipments from Great Britain.
PALESTINE.
Crop conditions in general have been favorable, but the quality of this
year's fig and olive crops is somewhat lower than usual. The orange
yield is good, but the recent increase of 6 pence per case in freight charges
is causing some concern to Jaffa merchants. Vegetable crops have been
unusually large.
PERSIA.
The new budget for the 1926-27 fiscal year (ending March 20 1927)
has just been passed by the Persian Parliament and is balanced at a total
of 256,000,000 kraus, estimated receipts exceeding those of last year by
more than 8.700,000 krans. Recently published figures from the office
of the Administrator-General of Persian Finances show that in addition
to the balancing of the budget, the country's public debt has also been
reduced, the total on June 22 1926 amounting to £1,706,001) and 23,625,000 krans. At that date the Persian Treasury had to its credit current
accounts and trust funds roughly equivalent to the total funded debt of
the country. Suez Canal traffic between the Persian Gulf and Europe
3248
THE CHRONICLE .
reached a total in 1925 ten times as great as in 1913. This increase is
almost entirely due to Persian oil shipments from the Port of Avadan.
The prohibition of the export of gold and silver from Persia has been
renewed by the present Mejliss.
JAPAN.
Temporary depression is apparent in Japan's business and industrial
circles, primarily due to the unsatisfactory political situation and the
Emperor's illness, which has now eventuated in death. However,
it is not expected in Japan that the low prices and disappointing foreign
and domestic trade, which characterized the beginning of December,
will continue after the year end. Weakness is noted in the silk and lumber
markets, as well as in cotton yarns and fabrics, while practically all other
commodities remain quiet. These conditions are reflected in the stock
market; high yields and falling prices being evident the early part of the
present month.
CHINA.
Business in the Shanghai area has been extremely slow on account of
military activities, and uncertainty of the political situation continues
to have a depressing effect on trade generally, although customs revenues
for this year are in excess of last year. The approach of the Chinese
New Year, which begins on Feb. 3, is also slowing up dealer activity.
Business in the North is being disrupted by the movement of troops.
Within the last few days some improvement has been shown in business
conditions in Central Yangtze and Canton regions, although a serious
commerdial depression exists in Hankow, where a strike epidermic prevails,
many factories being closed because of inability,to meet the unreasonable
demands presented by newly formed workers' unions. Shipping has
been delayed by the dock workers' strike.
Importers in China are adjusting themselves to the low level of silver
exchange. Markets for foreign products were on the whole quiet, except
the market for American tin plate, which was active and firm. Continued
low silver prevents imports of American wheat. Automobile sales in
China for the year considered satisfactory, although prices have been
increased in the last month to meet the low exchange. North China
Import business is slow, although there are good inquiries on hand for
considerable business.
PHILIPPINE ISLANDS.
November trade was generally slow, with slight improvement in some
lines the latter part of the month. Retail trade has recently increased in
activity as a result of a religious festival in Manila and holiday buying.
The general undertone is now more optimistic and greater activity is
anticipated in the next few months. November's copra market was
quiet, with curtailed production as a result of the typhoon. Prices were
fairly steady. Abaca trade improved in both United States and United
Kingdom grades, with advanced prices.
The grinding season is well started and the sugar market firm. Damage
A bumper
to the crop from the recent typhoon is now pieced at 5%.
rice crop is expected. The textile trade continues to fall. Though current
arrivals are heavy, filling old orders, considerable curtailment in imports
is expected locally in January and February. Dealers look for a revival
in the market about March. Automotive trade continues good in light
cars and trucks, with slight improvement in medium-priced cars, but
other lines are slackening.
Advances in raw sugar during recent weeks have caused extreme activity
in the Honolulu Stock Exchange and sugar planters are looking forward to
an unusually prosperous year. The weather continues favorable to ripening
of the new crop and harvesting is well under way. Holiday trade is reported
as moderate.
Real estate is inactive except in beach properties and in desirable residential sections. It is estimated in Hawaii that the three leading agricultural products—sugar, pineapples, and coffee—for 1926 will reach a
value of $100,000,000, sugar accounting for $66,000,000, coffee for $2,000,000,and pineapples for $32,000,000. Prices received for these commodities
the trade says have yielded only a small profit, due to low price levels.
particularly for sugar; but the year 1927 should be more prosperous in the
pinion of observers in Hawaii. The Pine apple Canners Association
announces an advertising program for the coming year that will cost in the
neighborhood of $440,000.
INDIA.
India's import trade continues higher than at this time last year and is
very satisfactory, but exports are disappointing. This export situation has
come about largely through falling prices of Indian products, causing lack
of confidence. Crops are good throughout India, however, and cotton is
moving more freely and at prices that appear to be more stabilized. These
factors together with the movement of food grains and seeds anticipated
in the near future, should improve the trend in exports.
NETHERLANDS EAST INDIES.
November trade was satisfactory, without special activity in any lines.
Imports were seasonally duller and exports were somewhat slower than in
October. but prices were steady and the volume of trade was normal.
Government finances are in good shape. A large surplus in receipts for
the year and a reduction in taxation for next year are predicted locally.
The textile market continues weak, as a result of the cotton situation, and
automotive sales are seasonally slow. Automotive trade for the entire
year, however, will establish a record it is said,with importation of American
makes increasing. Sugar trade continues strong, with good sales at satisfactory prices. The rubber situation is uncertain. Other export trades
are inactive, but prices are well maintained at profitable levels.
INDO-CHINA.
Indo-China's trade continues quiet, but the outlook is more optimistic.
due to a reduction in rice prices, which is expected to attract greater export
business. On Nov. 30 first quality rice was offered at 11.65 piasters per
100 kilos (about 23 cents a pound) at ship side in gunnies, compared with
13 piasters, or about 3 cents a pound, a month previous. Harvest of the
new crop, though somewhat late, Is proceeding above the average. November exports of rice were considerably under October shipments, totaling
81,970 metric tons. Of this amount 53,000 tons were white rice, the remainder being largely brokens destined for France. The official exchange
rate of the piaster on Nov.30 was 13.40 francs, or a dollar value of $0.485.
SIAM.
Imports into Bangkok for November approximated 17,000,000 ticals in
value, an increase of nearly 4,000.000 ticals over the previous month, due
entirely to increased imports of general merchandise. November's import
trade attained the largest volume of any month in the current year. Exports of 16,900,000 ticals showed a gain of 3.000.000 Weis over October's
trade, due to increased rice shipments, which totaled 14.000,000 ticals in
value. Although the price of paddy declined somewhat during the month.
the high prices for Siamese rice which have ruled generally in recent months
continued. The bank's buying rate for the Siamese tical fell slightly to
$0.45, but the selling rate remained at $0.4425.
[VOL. 123.
BRITISH MALAYA.
British Malayan trade in November was 4% under the October value,
both exports and imports falling off. Total trade for the eleven months of
the year, however, was well ahead of the corresponding period of 1925.
This fact is indicative of the pronounced prosperity inaugurated in 1925,
which was a record year for British Malaya. November exports were valued
at 100.192,000 Straits dollars ($56,087.000). compared with 103.348,000
dollars ($57.947,000) in October, and imports totaled 77,173,000 Straits
dollars ($42,201,000) compared with 80,151,000 dollars ($44,940,000) the
previous month.
Rubber and tin prices were both slightly lower and speculation in the formodity was negligible. The average tin price for the month was 152.99
Straits dollars ($85 65) per picul of 133 1-3 pounds. Tin exports totaled
5,821 long tons, of which 57% went to the United States, 27 to Great Britain
and 15 to Europe. Exchange on New York and London for the month was.
steady, the average rate being $0.5598.
AUSTRALIA.
All Australian centres report brisk holiday trade and observation indicates
that the December turnover will be highly satisfactory. American goods
are in evidence in all the principal store windows and are otherwise being
pushed vigorously. Serious bush fires in New South Wales have caused
considerable damage to stock, crops and other property, but late reports
indicate that these fires have been extinguished by heavy rains which hove
fallen throughout a large section of the State. These rains have extended
to Queensland and have relieved the drought there which has taken such
a heavy toll of sheep.
The waterside workers' strike has been settled temporarily, pending
adjustment by arbitration, but disputes in the brown coal fields threaten
to cause shortage of electrical power.
Movement of wheat has commenced and 500,000 tons of shipping has been
chartered for it. Australia's foreign trade for October, both import and
export, increased considerably over that of the previous month and on the
import side exceded the trade of October a year ago.
ARGENTINA.
General trading in Agentina improved slightly during the week ended
Dec. 18. Weather conditions continue favorable for the coming crops and
the locally estimated wheat crop of approximately 230.000.000 bushels
(6,260,000 metric tons) is believed in Argentina to be practically assured.
In view of the reported excellent condition of the grain from first harvest
returns the official estimate of the crop total is considered locally to be
conservative. The cattle market is extremely quiet but trading on the hide
and wool markets is active.
BRAZIL.
Brazilian exchange was somewhat firmer during the week ended Dec. 18.
causing a slight reaction in coffee prices which dropped from 28.7 mike's
for Santos 4s on Dec. 13 to 28 mike's on Dec. 18; this in comparison with
29 milreis during the previous week. The financial reform bill providing for
stabilization of the milreis at 200 milligrams of nine tenths fine gold ($.125),
has passed Congress and is now awaiting the President's approval to become
law. Action on the 1927 budget by the Senate has involved the consideration of increases in import duties on certain items, including paper.
PERU.
Little change was noted in the general situation in Peru for the week
ended Dec. 18, with exchange rising slightly from $3.535 to the Peruvian
pound as quoted on Dec. 11 to $3 54 on Dec. 18. The Association of
Automobile Importers was formed in Lima during the week.
PARAGUAY.
Business is very dull in Paraguay as a result of the prolonged drought
still being experienced. Adverse weather conditions have caused some
uncertainty as to crop results and poor pasturage will be reflected in the
condition of cattle.
MEXICO.
Business was very slow during the week ended Dec. 18, owing largely to
the continued political uncertainty and to exchange fluctuations. Import
orders have been reduced to a minimum and freight shipments into Mexico
dropped about 15% during December. The strike of the workmen in the
shops of the National Railways continues and its effects are beginning to
be felt on the freight movement. The workers appear determined to
oppose the readjustment of personnel and wages which the administrators
insist is necessary if the system is to be put on a self supporting basis.
PORTO RICO.
The general business situation in Porto Rico for the week ended Dec. 18.
continued slightly better than that of Nov. 1926, and of Dec. 1925. The
greatest activity was shown in retail trade, particularly in sales of imported
toys, novelties, leather gift goods and needlework and embroideries of local
manufacture.
Sugar prices continue to be encouraging and the outlook is optimist
local observers say notwithstanding slight losses which occurred at the end
of the last week. Six mills are grinding and several report good yields.
The present prices and satisfactory snores content obtained are inducing
several other mills to start grinding earlier than was the case last year.
In most districts the weather continues favorable to growing crops with
rainfall averaging about normal. However, cultivation of land in certain
areas of the south and west coast is delayed by insufficient moisture.
Steamship companies state that effective Jan. 1 1927. freight rates
between the United States and Porto Rico on most commodities will increase.
San Juan bank clearings for the first eighteen days of Dec. 1926 amounted
to $13,723,000 compared with $12,785,000 for the corresponding period
of 1925.
BARBADOS.
Economic and commercial conditions in Barbados during October remained quiet. The heavy rains which prevailed throughout the month
materially aided the growth of vegetables, the chief foods of the island,
and production is expected to exceed that of previous years. The rainfall
also stimulated the growth of sugar cane in all parts of the Island and
many planters are reported to be looking forward to a record crop. During
the month the weeding of fields, and preparation of the ground for planting
the new cane continued. A slight increase was noticed in the local market
price of sugar but prices of fancy and choice molasses remained stable.
Other crops are doing well, but cotton planters are spraying the blossoming
plants to ward off the boll weevil and other insects Which have, in past
years caused considerable damage to the crops.
Gold and Silver Imported into and Exported fromIthe
United States by Countries, in November.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
DEC. 25 1926.]
THE CHRONICLE
and silver into and from the United States during the month
of November 1926. It will be noted that the gold exports
were $7,727,186. The imports were $16,737,868, the greater
part of which, namely $5,028,355, came from Mexico, with
$4,866,103 from Australia and $4,000,000 from Japan. Of
the exports of the metal, $6,061,390 went to Canada and
$1,015,358 to Colombia.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
SILVER.
GOLD.
Total.
Exports.
Imports.
Refined Bullion.
Ounces.
3249
The shrinkage in business activity, as a result of the deflation following
the rise in the franc, has greatly reduced the demand for money in the
French market. The consequence of that situation has been the acceleration of subscriptions to defense bonds. Since, however, the maximum
issue of those bonds allowed by the statute has already been nearly
reached, the Caisse d'Amortissement has been obliged to propose checking the subscription movement by reducing to 4, 41
/
4 and 51
/
4% the interest rate on the bonds for three, six and twelve months, which, up to the
present time, have borne interest at 5, 51
/
4 and 6%, respectively.
The Caisse d'Amortissement has also suppressed the issue of one-month
bonds, which were special favorites with the banks for investments of their
deposit funds. The banks, therefore, will in the future not find any opportunity for very short profitable investment except directly with the Treasury, which still offers 3/
1
4% for 30-day deposits.
Total (Includes Coin).
Ounces.
Exports. Imports.
Countries$
5
$
$
$
$
France
33,875
4,864
Germany
261,954
126,961
141,594
Italy
580
824
Norway
1,440,000
845
Portugal
715
Switzerland
500
United Einem.
17,080 1,000,317
548,955
27,077
Canada
6,061,390 615,492
35,157
482
90,229
558,388
Costa Rica
32,911
4,034
2,417
Guatemala
18,624
5,000
Honduras
12,924
194,099
98,894
Nicaragua
35,590
1,848
Panama
1,200
Mexico
507.977 5,028,355
2,493,243
135,635 2,122,664
Jamaica
17,900
Trinidad & Tobago
520
Other British
West Indies_
375
Cuba
2,659
5,134
Dutch W. Ind..
19,600
Haitian Repub.
1,016
56
Argentina
9,351
7,580
Bolivia
248
65,405
Brazil
15,000
Chile
21,900
186,647
Colombia
1,015,358
185,822
3,181
5,491
1,769
3,178
Ecuador
192,705
6,505
8,818
Dutch Guiana_
1,427
Peru
154,083
17,980
106,325
755,712
Aden
12,542
British India
4,800 6,394,178
3,462,313
China
99,450 4,261,170
2,292,548
40
Dutch E.Ind__
184,676
91,248
Hongkong
1,027,635
Japan
4,000,000
Philippine Isl's.
130,714
1,415
Australia
4,866,103
797
New Zealand__
14,965
14
Portuguese Afr.
2,992
5,050
Total
7,727,186 16,737,868 11,966,748 2,721,834 6,793,688 3,941,205
Spain Plans Income Tax-Treasury Will Convert
Numerous Small Levies Into One Large Tax.
From the New York "Times" we take the following cablegram (copyright) from Madrid, Dec. 21:
The Spanish Government is busily attacking the problem of how to
balance the budget and meet more than 1,000,000,000 pesetas of public
bonds which will mature in February.
The Minister of the Treasury is now making a tour of the South explaining his proposals to convert the present multifarious taxes into one income
tax system. So far as can be told he is meeting with the endorsement of
the big taxpayers of the districts he has visited and he expects to put his
plan into execution by a decree at the new year.
For dealing with the problem of meeting the huge number of maturing
bonds, other measures are being envisaged. Most of the economists are
urging the consolidation of the floating debt, since it is not anticipated
that it will be necessary to increase the floating debt during the coming
fiscal year.
The money market seems favorable for launching a large issue of amortizable 5s, whose emission price will depend on circumstances. The Government expects to attract a considerable amount of money, the last issue
on Nov. 16 being over-subscribed two and a half times.
Rumania to Seek Capital-Government Pledges Itself
to Aid Foreign Investors.
In a wireless message from Bucharest, Dec. 19 (copyright), the New York "Times" says:
M. Meissner, the Minister of Public Works, speaking in Parliament
yesterday in answer to the throne message, formally pledged the Government to a new economic and financial policy that will further collaborate
with foreign capital.
"The existing principle of financial self-determination cannot longer
satisfy the country's needs," M. Meissner said. "We need foreign capital
while watching that our rights remain protected, but just the same giving
all guarantees for making collaboration possible."
Bank of France Pegs Franc Exchange Rate-Offers to
Buy or Sell Foreign Money to Any Amount.
From the New York "Times" of Dec. 23 we quote the fol- Belgium Terminates Government Control of Foreign
Exchange Operations.
owing copyright cablegram from Paris Dec. 23:
Associated Press advices from Brussels, Dec. 20, said:
When the exchange market opened to-day representatives of the Bank
of France announced that they would buy or sell foreign exchange to any
amount at the then prevailing rate, namely, 25.19 for a dollar and 122.50
for a pound. Then for the first time in years the exchange quotations for
the day stood still.
This action, following the measures taken by the Bank of France yesterday and the day before to bring the pound from 118 to 122, quickly gave
rise to a report that the Government had decided to peg the franc at its
present value. Inquiry, however, showed this to be incorrect.
Action by the Bank of France is not strictly a Governmental measure,
and there is good reason to believe that the directors of the Bank will act
over the holidays, getting the dollar back to 26 or thereabouts, and the
pound to 125.
Whether Premier Poincare will give Governmental sanction to the effort
to hold the franc at that figure or whether he will try to stabilize it definitely
is not known. Rather than acting to-day as an agent of the Premier, the
Bank of France acted to prevent the franc going any higher.
The business of the whole country is suffering heavily. Frenchmen
realize there must be a sort of business crisis accompanying stabilization,
but they complain that the rise has been too rapid and that if the franc now
goes still higher unemployment and business failures will become a real
problem for France.
While it is true as the Government says there are only 50,000 unemployed
offidally registered, scores of big concerns have cut hours down in many
cases to five a day and a five-day week, in order to avoid wholesale discharges. Therefore the number of unemployed is not a good measure of the
decrease of French industrial activity.
Last night (Dec. 24) Associated Press cablegrams from
Paris, said:
The Poincare Government to-day decided to take control of the exchange
situation and to maintain the French franc at a price between 121 and 123
to the pound sterling (25 to 253.i to the dollar, or, approximately. 4 cents).
It was intimated in official circles this decision of the Government will
amount to virtual stabilization of the franc within those narrow limits.
The movement got under way Wednesday, when the Bank of France
began the purchase and sale of francs at around 122 to the pound and 25.15
tOtthe dollar. It continued yesterday, with few fluctuations. at 122.25
tolthe pound and 25.19 to the dollar.
The Government's decision to intervene was taken as a warning to speculators they must got out of the market or take the risk of being pinched.
The entire movement is characterized in official circles as "prestablization."
The simple knowledge on the part of operators that the Government was
taking a hand in the market, either buying or selling dollars or sterling,
had an immediate effect and the course of the exchange remained steady
throughout a 122.25 and e25 .191.
Rate on French "Bonds de Defense" to Be Cut-AllAround:Reduction of 1% Now ContemplatedTreasury Checking Subscriptions.
advices Dec. 19 (copyright), the New York
Paris
In
"Times" says:
Government control over foreign exchange operations has been abolished
in Belgium. The control was clamped down during the financial crisis
last summer to prevent export of Belgian capital and speculation against
the franc.
The stabilization of the franc and the adoption of the belga, the new
money "born with a gold spoon in its mouth." has brought a return of
capital to the country and a feeling of confidence and security, making it
unnecessary to curb foreign exchange operators.
Federal Reserve Board on Belgium's Monetary Reform
and Participation by New York Federal
Reserve Bank.
Supplementing what we have already given in these
columns (Oct. 30, page 2204 and Nov. 6, page 2328) regarding participation by the Federal Reserve Bank of New York
in the stabilization of Belgian currency, we quote the
following in the matter from the November number of the
Federal Reserve "Bulletin:"
A recent development in monetary reform in Europe was the announcement by the Belgian Government on Oct. 25 of the putting into operation
of a plan to establish the Belgian currency on a new basis. The reform
includes the creation of a new unit of currency, the belga, with a fine gold
content of 0.209211 grams and a fixed relationship to the Belgian paper
franc at the ratio of 5 to 1. The relationship of the belga to the pound
sterling at par is as 35 to 1 and to the dollar about 7.20 to 1. Thus under
this plan the value of the Belgian franc will be 2.78 cents, or about 14.4%
of its original gold parity. To accomplish the monetary reform thus undertaken the Belgian Government has negotiated in foreign markets a loan in
an amount equivalent to about $100.000.000. The proceeds of this loan
are to be used to reduce the Government's debt to the National Bank of
Belgium. The National Bank of Belgium,on its own account, has arranged
for advances of credit of 5.000,000 pounds sterling from a number of European central banks, including the Bank of England, the German Reichsbank,the Nederlandsche Bank,the Swedish Riksbank, the Bank of France,
the Swiss National Bank, the Austrian National Bank, and the Hungarian
National Bank, and also the Bank of Japan. In connection with the
restoration of Belgian currency the Federal Reserve Bank of New York.
on its own behalf and on the behalf of other Federal reserve banks desiring
to participate, and with the approval of the Federal Reserve Board, will,
for a period of a year, purchase from the National Bank of Belgium. if
offered, prime bankers' bills, said bills to conform to the eligibility requirements of the Federal Reserve act and to be payable in gold, the aggregate
amount of such bills not to exceed $10,000.000 at any one time.
Albert E. Janssen New Belgian Member of Transfer •
Committee Under Dawes Plan.
Paris Associated Press advices December 13 said:
S. Parker Gilbert, Agent General for Reparations, today announced
the resignation of Rene Tilmont, Belgian member of the Dawes Plan
3250
THE CHRONICLE
Transfer Committee. The Reparations Commission appointed Albert
E. Janssen to succeed him. M. Tilmont resigned from his position in
order to give all his time to the management of the National Bank of
Belgium.
[VoL. 123.
Instructions came from Budapest to-day which read the death warrant of
the paper krone and.heralded the universal use of Hungary's new gold
currency, the "pengo"—a name chosen, incidentally, because of the Impossibility of confusing it with any other of the world's currencies.
The cable from Budapest, signed by the Hungarian National Bank.
central Institution of that country, was addressed to the National City
Bank here, and contained instructions to broadcast the information it contained. The cablegram read as follows:
"On and after Jan. 1 1927 new Hungarian pengo currency compulsory
for accounting purposes. Ask you to take necomary steps now to inform
competent authorities New York that on and after Jan. 1 1927 official
quotations New York for payments Budapest, Hungary, will be on basis of
100 pengo. Pengo will replace crown that one pengo equal to 12,500 crowns
and that from one kilogram fine gold 3,800 pengo in gold will be minted."
Justice Proskauer Orders Payment of $112,832 Claim of
Russian Estate Against National City Bank--Tangled
By Soviet Bank.
A wartime transaction between New York and Russian
banks, tangled by the conditions of the times and knotted
further by the sovietization of the Russian Bank, has been
The pengo will have a par value of about 17.4 cents, and probably will
unraveled by Supreme Court Justice Proskauer in a de- be traded in around that level. While 3,800 pengo will equal one kilogram of
charge of 6 pengo for minting. There will be 27.82.
cision just handed down, says the New York "Times" of fine gold, there is asterling,
which, it is of interest to note, compares with
pengo to the pound
continues:
The
in 1914 at the outbreak of the world war.
account
19.
pound
December
24.50 kronen to the
By the ruling the National City Bank of New York must pay $112,832 to the estate of M. Sergey Friede, and also deliver to the Friede
executors 250,000 imperial Russian bonds, due 1926; 4,700,000 Russian
rubles, due 1926, and a $5,500 Iowa Short Line Railroad bond. The
money judgment consists of $33,790 interest added to a verdict of
$79,041 directed by Justice Proskauer.
The unusual circumstances outlined by the court were that in November, 1917, Cahn Brothers of Petrograd cabled the defendant bank
to collect from F. Blumenthal & Co. a sum due them, and credit the
Azoff Don Bank "our account." The Blumenthal company on December 26 of that year remitted to the National City Bank $83,/16 "for
account of the Banque de l'Azoff Don, Petrograd." The payment was
credited on the National City books to the Russian bank, but before
the credit entry had been made the Azoff Don Bank's account with
the New York bank had been overdrawn, so that the entry gave it
a net credit of only $63,000.
One day after the money was deposited here the Soviet Government
seized the Azoff Don Bank and amalgamated it with the State bank.
The Cahns wired the New York bank on Feb. 22, 1918, to cancel the
credit and return the money to the Blumenthal firm. The National
City Bank cabled the Azoff Don Bank for authority to make the transfer. A member of the Calm firm then called at the office of the Russian bank and had a cablegram sent by the manager of the foreign
department, with the approval of the Soviet Commissioner, saying that
they considered the credit canceled.
Justice Proskauer says he finds no proof of authority in the record
for the sending of this cable, but in any event, the National City
Bank refused to cancel the credit as requested.
The account remained unchanged on the books of the National City
Bank until Oct. 21, 1919, excepting for an increase to $71,156 by the
addition of interest, when the late M. Sergey Friede served an attachment on the bank in a suit against the Azoff Don Bank for
$727,000 and directed the bank to hold for him all sums due the
Russian bank. Several months later H. & 5. Cahn sued for the entire
sum of $83,716 with interest. The plaintiff got judgment in 1921 and
the stun was paid by the National City Bank without an appeal.
The Court points out that the Cahns are not parties to the present
suit, and because of the indemnity agreement "the hardship of their
position is urged." Justice Proskauer says that all that happened to
put the money to the credit of the Azoff Don Bank, and the instructions were followed literally. The Court accordingly ruled that a
debtor and creditor relation existed between the two banks.
The National City Bank made a counterclaim for securities deposited with the Azoff Don Bank and not returned. The Court says
that no proof was made of any demand for the return, while the
National City asserted that the demand is excused because the property
of the bank was turned over to the Soviet Government. In reply
Justice Proskauer declared that there is no evidence by which he could
infer that the securities would not be returned if they were demanded.
The bank also argued that the Soviet Government took the securities
by force, making it impossible for the Azoff Don Bank to respond to a
demand, but Justice Proskauer says this is met by the Court of Appeals
ruling in a previous suit against the National City by one Sokoloff, in
which the Court said that "surrender to overwhelming force would excuse the loss or destruction" of property so held. For this reason the
counterclaim falls.
After the paper krone had been pushed to microscopic value by the inflation of Hungarian currency after the war it was finally stabilized in 1924
at around 340,000 kronen to the pound, or 12,500 kronen to the dollar.
the level at which the pengo was introduced. The pengo became legal
tender in Hungary Jan. 1 of the current year and corporations and banks
were forced to transform their accounts into the new unit.
Great Britain Would Aid Jugoslav Currency.
From the "Journal of Commerce" we take the following
Belgrade, Jugoslavia advices (Associated Press) Dec. 22:
The Governor of the Bank of England, it was announced at a meeting of
the board of directors of the Narodna Bank to-day,is ready to aid in bringing about legal stabilization of the Jugoslav currency after the country's
war and pre-war debts to England are consolidated. The Governor of the
Narodna Bank, who has just returned from London, made the report.
Stabilization credits offered by American banks also were dealt with by
the board, evoking a promise from the Governor that he would consider
these offers. It was decided to transfer Jugoslav sterling credits in England
to the care of the Bank of England.
Danish Gold Conversion.
Copenhagen advices Dec. 23 received by cablegram by the
New York News Bureau from the Central News, say:
Both Danish Chambers have adopted the bill permitting conversion of
notes into gold from Jan. 1 at 24 kroner. against one of gold.
Purchase Bavarian Treasury Bills.
The following is from the "Wall Street Journal" of
yesterday (Dec. 24):
Bankers Trust Co.. Chase National Bank and Union Trust Co. of Pittsburgh have purchased on a discount basis $10,000.000 of the Pre() State of
Bavaria six months treasury bills, drawn in dollars and payable in New
York. with the option on part of Bavarian Government of a renewal for a
further six months.
$10,000,000 Credit to Republic of Colombia.
It was stated yesterday that a syndicate headed by
Hallgarten & Co. has purchased $10,000,000 six months
notes of the Republic of Colombia with privilege of one
renewal. It is noted in the "Brooklyn Eagle" that:
Colombia has been considering for a long period a large issue of longterm bonds for railroad construction and other purposes The Congress
of Colombia, however, adjourned and does not meet again until next July
and the six months loan has been negotiated to enable the Government ta
proceed with railroad construction.
National City Bank Awarded Santo Domingo Issue.
Associated Press cablegrams from Santo Domingo (ReGermany Closes Deal for Works in France—Building of public Santo Domingo) Dec. 22, said:
The bid of the National City Bank of New York for the first $5,000,000
Three Reservoir Dams on Eastern Frontier to
of the loan of 810,000,000 authorized in October by Congress has been
Apply to Reparations.
accepted. The rate is 98.07, with interest at 5 %. This was the best
In its issue of December 16 the New York "Times" an- offer of twelve bids.
The loan is to be expended on irrigation canals and other public works.
nounced the following (copyright) from Berlin, December 15:
Peter A. Jay Resigns as Ambassador to Argentina.
Germany realized her long cherished dream to pay part of her reparation obligations today by closing a deal to undertake construction
Associated Press advices from Washington Dec. 23 state
schemes in France, using German materials and German labor and
crediting the project against the reparations debt. Three reservoir dams that Peter Augustus Jay, Ambassador to Argentina, has
will be constructed across the Berdon Valley in Southeastern France submitted his resignation to President Coolidge. It is added:
to protect cultivated lands from Spring freshets and store the waters,
which will be used to furnish power to four Departments along the
French eastern frontier. One thousand men will be employed to build
the dams and install the power plants, and the project will require
more than two years.
Rhineland construction firms have arranged contracts with the French
Departments and the unemployed in the Rhineland and the Ruhr will
have preference for these jobs. The men will live in barracks, and
arrangements have been made to furnish movies, libraries, hospitals
and sport fields.
The transfer agent at Berlin, although knowing that such a project
was planned, has not been officially notified • that the deal has been
closed, but he says the Agent General's Office never is informed until
a deal between the parties concerned is fully completed.
No action has been taken on the resignation, and it is assumed Secretary
Kellogg will seek to dissuade Mr. Jay from terminating his diplomatic
career. Mr. Jay, who is a "career" man in the diplomatic service, has
been in Buenos Aires less than a year. Before he was transferred there he
was Minister to Rtunania.
His 15-year-old daughter died recently and it was mid at the State
Department to-day his desire to quit the foreign service probably was due
to the grief of Mrs. Jay and himself.
The Ambassador has been granted leave to return to WashingtonTand
is expected to arrive here in January.
Pengo to Replace Hungarian Krone—Ancient Coin to
Pass Out with Old Year.
The following is from the New York "Sun" of last night
(Dec. 24):
The National Sugar Planters' Association has written to President
Machado urging the necessity of appointing an arbitration board of five
members, consisting of two representing the planters and two the mill
owners and the fifth one, the chairman, in order that the mills may proportionately grind the cane of their colonos in accordance with the 1926-27
crop limitation.
The National Sugar Planters' Association believes that in order to carry
Last
out fairly the curtailment of the crop such a measure is necessary.
The ancient Austro-Hungarian krone or crown,superseded by the schilllng
In Austria long ago, but in use in exchange transactions between Hungary
and the outside world to date, will disappear forever Dec. 311926. Cable
Cuban Sugar Planters Seek Crop Arbitration Board.
A special cablegram to the "Journal of Commerce" from
Havana Dec. 23 says:
DEC. 25 1926.]
THE CHRONICLE
3251
Security.
year at this time there were seventy-two mills grinding. The Secretary of
the Treasury yesterday was in the House of Representatives giving full
The loan will be the direct obligation of the Bulgarian Government and
Information to that body on the economic situation and recommending the will be secured by a first charge on the following revenues:
adoption of measures to increase Treasury revenues and to alleviate the
(a) Excise duty on alcohol, beer, &c.
economic crisis.
(b) Excise duty on salt, sugar and various imported commodities.
(c) Net receipts of the match monopoly.
The receipts from the above revenues are estimated by the Financial
New South Wales Assembly Passes Tax of Half Penny
Committee of the League of Nations, on the basis of last year's yield, to
Per Copy on Newspapers.
amount to a total of 19,700,000 gold francs (about $3,800,000), or over
Sydney, N. S. W.Associated Press cablegrams Dec. 23 are three times the annual interest and sinking fund on the loan.
(d) All payments made after Nov. 1 1928 by settlers for rent or interest.
reported as follows:
Sums received in payment for land, buildings, or material, or repayment
Newspapers With a circulation exceeding 15,000 are to be taxed a half of advances are to be added to the sinking fund for the loan.
penny per copy under a bill adopted to-day by the Legislative Assembly.
If, at any time, the receipts from the above revenues should fall below
The Government has decided to introduce an endowment bill providing
of the annual sum required to meet the service of the loan,, the
that married men shall receive additional pay of 6 shillings weekly for 150%
Bulgarian Government agrees to provide additional revenues (other than
each child.
the customs), sufficient to insure total revenues equal to at least 150% of
the service requirements.
The pledged revenues will be paid, as collected, into a special account
Offering of $4,500,000 Bonds of Kingdom of Bulgaria
(with the National Bank of Bulgaria), to be controlled by the Commissioner
Refugee Settlement Loan—Issue Over-Subscribed—
and, after the termination of his functions, by trustees to be appointed for
Books Closed—Offering Abroad Likewise Overthe bondholders by the Council of the League of Nations. The sum required
to meet the service of the loan will be remitted to the fiscal agents in monthly
Subscribed.
Installments for the account of the trustees.
Speyer & Co., Blair & Co., Inc., and J. Henry Schroder
By decisions of the Inter-Allied Commission, the revenues now or hereBanking Corporation offered on Dec. 22 at 92 and interest, after pledged for the loan are, or (as the case may be) will be. released from
for reparation payments.
to yield about 7.65%, $4,500,000 Kingdom of Bulgaria theAcharge
reserve fund, equal to one-half year's service of the loan, is to be
7% settlement loan 1926 40-year secured sinking fund gold deposited with the trustees and any amount drawn therefrom to complete
bonds, due Jan. 1 1967 (part of International loan for settle- service requirements,is to be forthwith restored.
Bulgaria, with an area of about 40,000 sq. miles, has over 5.000.000
ment of refugees). The loan is authorized and approved Inhabitants,
or a larger population than Denmark, Finland, Norway, or
by the Council of the League of Nations. Announcement Switzerland. The country is mainly agricultural and exports considerable
quantities
of tobacco, cereals and other farm products. The currency has
was made early in the day that the bonds had been heavily
stable since 1922.
over-subscribed and the books closed. Speyer & Co. were been
External loans of Bulgaria were sold before the war in England and
advised by cablegram that the subscription lists for the leading countries of Continental Europe; the 43i% bonds of 1907 and 1909
£1,750,000 Kingdom of Bulgaria bonds opened in London (the last pre-war loans) were marketed on a 5% basis.
It is also announced that—
that morning were immediately closed, the issue having
The Inter-Allied Reparations Commission at Sofia has agreed to release
been ten times over-subscribed.
above revenues (A) to (D) and has undertaken to release the further
These $4,500,000 bonds and £2,400,000 sterling bonds "the
revenues mentioned in (E) if required, and the Bulgarian Government has
constitute the total amount of the loan. £1,750,000 of the undertaken to give the necessary first charge."
The Government has also "undertaken that the assigned revenues shall
sterling bonds were offered in London by the Ottoman Bank,
not be used (i. e., even on the basis of a second charge) as a security for any
J. Henry Schroder & Co. and Stern Brothers, and the new
loan without the consent of the trustees."
remaining £650,000 sterling bonds in Holland, Italy and
"In the last completed year the first three assigned revenues—(A) salt, •
(B)
alcohol,
(C) match monopoly—produced a total yield of 19.700.000
Switzerland. The loan is secured by a first charge on the
gold francs"* (about $3,829,680) over three times the interest and sinking
excise duly on alcohol, beer, salt, sugar, &c., and the net fund
•
requirements of the settlement loan.
receipts of the match monopoly. The receipts from the
Sir Arthur Salter, in the League of Nations' report on the Bulgarian loan,
Greece,
refugee
settlement,
as
in
is, of course,one of
above revenues are estimated on the basis of last year's states that"The scheme
and not of financial reconstruction as in Austria and Hungary, and direct
yield, to amount to about $3,800,000, or three times the responsibility with regard to the general finances of Bulgaria is not underannual interest and sinking fund on the loan. This financing taken by the League. Nor is such a responsibility called for, for the Bulbudget has been balanced (with a surplus) since 1922 and the leva .
represents the sixth in the series of reconstruction loans garian
has been stable for about thesame period."•
which have been floated under the auspices of the League
• From League of Nations."Scheme for the Settlement of Bulgarian
of Nations. The Kingdom of Bulgaria loan, the first of
•
this Government to be offered to American investors, is Refugees."
Amounts due on allotment will be payable at the office of •
the third loan issued with the approval of the League of
and 26 Pine Street, in New York funds,
Nations to be sponsored by Speyer & Co. in this market; Speyer & Co., 24
1927, as called for, against delivery of
about
Jan.
4
on
or
these bankers also having been identified with the Hungarian
interim receipts exchangeable for definitive bonds when
reconstruction loan and the Greek refugee loan.
The Bulgarian bonds will be dated Jan. 1 1927 and will ready. Application will be made to list the bonds on the,
become due Jan. 1 1967. They will be coupon bonds in New York Stock Exchange.
denominations of $500 and $1,000. Principal and interest
(Jan. 1 and July 1) will be payable in New York City, at Offering of $1,500,000 Bonds of Housing & Realty
Improvement Co. of Berlin, Germany.
the office of Speyer & Co. or of J. Henry Schroder Banking
Corporation, fiscal agents, in United States gold coin of
An issue of $1,500,000 Housing & Realty Improvement
the present standard of weight and fineness, without deduc- Co. 1st mortgage 20-year sinking fund 7% gold bonds is
tion for any Bulgarian taxes, present or future. A cumula- being offered at 98 and interest, to yield about 7.19%, by
tive sinking fund will 'repay the entire loan at or before J. & W. Seligman & Co., E. H. Rollins & Sons and Foreign •
maturity. This sinking fund is to be increased by all sums Trade Securities Co., Ltd., of New York. The company was
received after Nov. 1 1928 from settlers in payment for land, organized for the purpose of erecting and operating on an
buildings, or material, or repayment of advances. The entire city block in Berlin, Germany, 23 apartment houses
sinking fund is to be applied to the purchase of bonds at or containing one, two, three and four-room apartments, greatly
below par, or, if not so obtainable, to semi-annual redemp- needed because of the housing shortage there. The payment
tion by lot at par, the first redemption to be on Jan. 1 1928. of interest, sinking fund and principal at maturity is inThe bonds will not be subject to call before Jan. 1 1939, sured, Jointly and severally, by German insurance comexcept for the sinking fund. The Government reserves the panies, among which are the Allianz Insurance Co., founded
right to repay at par on that date, or on any interest date in 1890, whose resources alone exceed $30,000,000, and the
thereafter, all or any part of the bonds then outstanding, Munchener Reinsurance Co., founded in 1880. The loan
upon not less than six months' previous notice. Wladimer represents only 36% of the total valuation of the land arm'
Molloff, Minister of Finance, has authorized the following buildings upon completion. Further data' concerning the
statement in behalf of the Bulgarian Government:
company and the offering are given in our "Investment
The loan is authorized and approved by the,Council of the League of News" Department, page 3328.
Nations and is issued pursuant to its Resolution of Sept. 7 1926, the Geneva
Protocol of Sept. 8 1926, ratified by an Act of the Bulgarian Parliament of
Sept. 30 1926, and an Act of Parliament of Dec. 16 1926. approving the
loan contract. These $4500000 bonds and £2,400,000 Sterling bonds Offering of $10,000,000 Bonds of Mortgage Bank of ,
constitute the total amount of the loan.
Chile (Caja de Credito Hipotecario, Chile)
Purpose.
—Notes Sold.
The purpose of this loan is to provide funds for the settlement of approxiKuhn, Loeb & Co. and the Guaranty Co. of New York '
mately 120.000 Bulgarian refugees from other countries, for the repayment
of short term indebtedness incurred in anticipation of the loan and of about offered on Dec. 23 subject to prior sale at 98% and accrued
76,000.000 French francs (about $3.040,000) Bulgarian treasury bills.
The proceeds of the loan, after deducting the above repayments, will be interest to date of delivery, to yield about 6.30%, Mortgage
expended under the direct control of a Commissioner appointed by the Bank of Chile (Caja de Credito Hipotecario, Chile) guarCouncil of the League of Nations.
anteed five-year 6% agricultural gold notes of 1926. It was •
The Government of Bulgaria has undertaken to provide not less than
132,000 hectares (about 326,000 acres) of suitable unencumbered land, to announced the same day that the notes had been sold.
be approved by the Commissioner.
Miguel Cruchaga, Ambassador Extraordinary and Plenipo-
3252
UTE CHRONICLE
tentiary of the Republic of Chile to the United States, in a
communication,dated Dec.22,to the offering houses,says:
The above-mentioned $10,000,000 principal amount of guaranteed
five-year 6% agricultural gold notes of 1926 of the Caja will be in coupon
bearer form in the denomination of $1,000. will be dated Dec. 31 1926,
will mature Dec. 31 1931, will sot be redeemable before their maturity.
and will bear interest at the rate of 6% per annum from Dec. 31 1926,
payable semi-annually on June 30 and Dec. 31 of each year. Principal
and interest will be payable at the option of the holders, in the Borough
of Manhattan, in the City of New York, at the office of Huhn, Loeb St
Co., or at the principal office of Guaranty Trust Co. of New York. in
gold coin of the United States of America of or equal to the standard of
weight and fineness existing Dec. 31 1926, or in Santiago, Chile, at the
office of the Caja, by sight draft on New York City, without deduction
for any taxes, Imposts, levies or duties of any nature now or at any time
hereafter imposed by the Republic of Chile, or by any State. Province,
municipality or other taxing authority thereof or therein, and will be
paid in time of war as well as in time of peace, and whether the holder
be a citizen or a resident of a friendly or a hostile State.
He also says:
The notes are to be unconditionally guaranteed by endorsement, by
the Republic of Chile. as to principal and interest and are to be issued
In accordance with the law of the Republic of Chile dated Aug. 29 1855,
establishing the Caja as amended by the Decree Law dated Dec. 15
1925 (which Decree Law was duly approved by the Commission appointed
for that purpose by both Houses of Congress), with the Law No. 4074
dated July 26 1926, with Decrees No. 834 dated Nov. 17 1926. and No.
998 dated Dec. 16 1926, and with the Decree of the President of the
Republic of Chile, dated Dec. 22 1926, for the purpose of making loans
secured by agricultural products or implements, which loans may not
exceed 50% of the estimated value of the collateral.
On Dec. 31 1925 the Caja had outstanding various issues of bonds aggregating $100,219,000, at gold par of exchange, against which it had
made 10.198 mortgage loans, being an average of less than $10,000 Per
loan. These loans aggregated less than 25% of the aggregate appraised
Improved value of the properties mortgaged as security therefor. As
further security for its bonds and notes, the Caja has accumulated a reserve
fund of approximately $5.028,450 at gold par of exchange.
The bonds and notes of the Caja are legal investments for savings banks
and trust funds in Chile.
The present debt of the Republic of Chile, including the present and
all other obligations guaranteed by it. aggregates about $298,000.000
at gold par of exchange. The proceeds of the Government loans have been
largely used for the construction or improvement of railways, harbors and
other public works. The Government owns 3,624 miles of railroads,
telegraph lines and other property, of an estimated value of approximately
$650,000,000 at gold par of exchange.
Chile is on a gold basis. Its currency is the peso, equivalent to U. S
$0 12166. Currency notes are issued by the Central Bank of Chile,
similar to the Federal Reserve banks of the United States.
The offering of an issue of $20,000,000 6%% gold bonds
of 1926 of the Mortgage Bank of Chile was referred to in
these columns July 31 1926, page 523. A similar issue of
$20,000,000 of the bonds of the bank, due June 30 1957
put out the previous year was voted by us June 27 1925,
page 3252.
of $3,000,000 Bonds of Department of Cun
Colombia)—Books Closed—
Bonds Oversubscribed.
An offering of $3,000,000 Department of Cundinamarca
(Republic of Colombia) twenty-year external 7% secured
sinking fund gold bonds (series A) was announced on Dec. 21
4 and interest, to yield over 7.50%. The offering
at 943
was made by Hallgarten & Co., Kissel, Kinnicutt & Co.,
Halsey, Stuart & Co., Inc., Lehman Brothers, William R.
Compton Co., and Cassatt & Co. The books were closed
on the day of the offering, the issue having been oversubscribed. The bonds will be dated Dec. 1 1926 and will
become due Dec. 11946. A sinking fund will be provided,
calculated to retire all the bonds at or before maturity.
Regarding the sinking fund, we quote as follows from the
offering circular:
Offering
dinamarca (Republic of
A cumulative sinking fund of 2,31j% per annum is provided for, to operate
semi-annually through purchase of series A bonds at or below face amount
or, if not so obtainable, then by call of such bonds by lot at face amount.
The Department reserves the right to increase the amount of any sinking
fund payment.
Principal and interest, June 1 and Dec. 1, will be payable
in United States gold coin at the office of either of the fiscal
agents, Kissel, Kinnicutt & Co., or Hallgarten & Co., New
York, free of all Colombian taxes, national department or
municipal, present or future. The bonds will be in coupon
form in denominations of $1,000 and $500, registerable as
to principal only. They are part of a total authorized issue
(all series) of $4,866,500. As to the purpose, &c., of the
bonds, Senor Julio Holguin, Secretary of the Treasury of the
Department of Cundinamarca, says in part:
Purpose.—The proceeds of this loan (all series). together with a subsidy
from the republic of 30,000 pesos per kilometer, are to be used to build a
railroad from the present terminus of the Cundinamarca Railway to a port
on the lower Magdalena River. This railroad will afford direct communication from Bogota to steamer navigation on the Lower River,effecting
a saving of several days in time and avoiding many transfers of passengers
and freight. The new railroad will open up a region rich in coffee, sugar
and other resources, and will also make available in the departments adjacent to the Lower River a market for the live stock and agricultural
products of Cundinamarca. now chiefly supplied by Imports from countries
outside Colombia.
Security.—The bonds will be secured by the full faith and credit of the
department. as well as by a first charge on its revenues from the liquor and
1
[VOL. 123.
tobacco taxes (which in the last fiscal year constituted approximately 60%
of its total revenues) and by pledge of the shares of the Cundinamarca
Railway Co. owned by the department. This railway is Jointly owned by
the republic and the department, the latter holding slightly over 50% of
the total shares.
Revenues.—Revenues and expenses of the department in recent years.
with income from the revenues pledged to the service of this loan have been
as follows:
Pledged
Years Ended
Revenues.
Expenditures.
Revenues.
June 30.
$469,958
$1,139,992
$1,108,621
1922
469,958
1,551.912
1,561,498
1923
592,819
1.628,473
1.663,879
1924
980,830
2,143,021
2,254,486
1925
2,280.442
4,150,180
4,020,753
1926
For the five-year period shown, the pledged revenues have averaged 3.3
times,and for the 1926 year were 8 times,full annual requirements for interest and amortization of this Issue.
The substantial increases in recent years reflect the steady development
of the department and the creation of new sources of revenue. At present
over one-half the revenues of the Department are expended for works of a
public character, less than half being required for administration.
Financial Position.—An official appraisal of property in the department
In 1925 showed a valuation of over $250,000,000. of which nearly $200,000.
000 was subject to taxation. The valuation of department-owned property
was over $8,000,000. It has no funded debt asidefrom this issue. Floating
debt amounts to approximately $180,000, and provision has been made for
its liquidation.
Colombia.—The Republic of Colombia has for many years enjoyed a stable
government,and its finances are in sound condition. The national revenue
increased from $21,292,000 in 1922 to $45,039,000 in 1925, while the total
debt, both Internal and external, has decreased from over $46,948,000 in
1922 to $23.407,000 during the current year. a decline of over 50%. The
Colombian peso, which has a gold parity of $.9733, is now quoted at a
slight premium.
All conversions of pesos to dollars have been made at parity of exchange
Temporary bonds or interim receipts of the National
Bank of Commerce in New York deliverable in the first
instance.
Redemption of Republic of Cuba External Loan Bonds
Dated 1923.
Senor Mario Del Pine, Acting Consul-General of Cuba,
issued a notice on Dec. 13 to holders of Republic of Cuba
external loan 30-year sinking fund 5% Vo gold bonds, issued
under the loan contract dated Jan. 26 1923, publishing the
numbers of $1,885,300 principal amount of the bonds of this
issue which have been drawn by lot for redemption out of
moneys in the sinking fund. Bonds so drawn will be paid
on or after Jan. 15 1927 at the office of J. P. Morgan & Co.,
fiscal agents, 23 Wall Street, at 100% upon presentation and
surrender with all coupons maturing after Jan. 15 1927.
Interest will cease on all such drawn bonds after that date.
The list also includes bonds of previous drawings which
were unredeemed on Dec. 8 1926.
Offering of $2,200,000 of Bonds of Republic of Panama.
At 103 and interest, to yield at the minimum redemption
price about 6.30%, Kissel, Kinnicutt & Co. and Bauer; Pond
& Vivian offered on Dec. 20 $2,200,000 Republic of Panama
30-year 63% external secured sinking fund gold bonds.
The purpose of the issue is stated as follows:
The Acts authorizing this loan provide that the purpose thereof shall be
the construction of national highways, the construction of an aqueduct
In Bocas del Toro. the redemption of the outstanding national defense
bonds and the completion of the sum appropriated for the extension of the
Chiriqui National Railroad to the Port of Armuelles.
The bonds will be dated Dec. 1 1926, and will become due
Dec. 1 1956. They will be redeemable in whole or in part
lither at the option of the Republic or through the operation
of the sinking fund, on any interest date prior to maturity,
on not less than 60 days' notice, at 103% on or before Dec. 1
936; at 102% thereafter and on or before Dec. 11946; and
at 101% thereafter.
The bonds, coupon, will be in denominations of $1,000
and $500, registerable as to principal only. Principal,
premium and interest (June 1 and Dec. 1) will be payable in
New York City in United States gold coin of the present
standard of weight and fineness, without deduction for any
Panama national or local taxes present or future. Official
advices from Floyd H. Baldwin, Esq., fiscal agent of the
Republic, and from other sources state in part:
Relatifts with the United Slates.
In accordance with Article 1 of the treaty between the United States and
Panama, ratified Feb. 26 1904, 'the United States guarantees and will
maintain the independence of the Republic of Panama." The Government
of the United States not only has the right to regulate sanitary measures In
the cities of Panama and Colon, but also has the right and authority to
maintain public order in these cities and in the territories and harbors adjacent thereto. The United States, under the terms of this treaty, was
granted in perpetuity the "use, occupation and control" of the Canal Zone.
In accordance with the terms of Article XIV of the treaty, the United
States paid $10,000,000 gold to the Republic. The Constitution of Panama
stipulates that $6,000.000 of this payment shall permanently be kept invested In interest-bearing securities. An Act passed by the National
Assembly of Panama and signed by the President, provides that this "Constitutional Fund" shall be invested in first mortgages on New York City
real estate; and the fund is so invested. During the life of the treaty the
United States also is obligated to pay the Republic $250,000 gold per annum.
DEC. 25 1926.]
THE CHRONICLE
The United States Government invested in the Panama Canal over $350,000,000, of which amount, for purposes of accounting, over $112,000,000
was written off to national defense in 1921. The United States Government has also over $29,000,000 invested in auxiliary enterprises other than
those connected with funds of the Panama Railroad.
Debt.
The total external funded debt of the Republic, including, this Issue,
amounts to $10,457,000. Of this debt $5,693,000 is secured on the net income of the Constitutional Fund and the annual payments made by the
United States. For the year 1925 the net income of the Constitutional Fund
plus the annual payment by the United States was approximately $560,000.
whereas the service charge on the $5,780,000 external debt then outstanding
was only approximately $470,000, leaving a surplus of over $90,000. The
Republic is thus in the unique and advantageous position of carrying the
above $5,693,000 external obligations wholly with external resources without using revenues from home taxation. The total internal debt of the
Republic is only $2,551,862, which includes $1,755,063 due the United States
Government for municipal works constructed by it in the cities of Panama
and Colon and $226,375 national defense bonds which are to be redeemed on
March 10 1927. The Republic has no floating debt.
Total internal and external debt is less than $30 per capita.
Security.
These bonds have been authorized by Acts of the National Assembly approved by the President. The bonds are the direct credit obligations of
the
Republic of Panama and are specifically secured by a first charge on the
income derived from the retail liquor tax,subject only to the existing charge
in
favor of $226,375 outstanding national defense bonds, provision for
the
redemption of which on March 10 1927 has been made, and for the
payment
of which cash will be deposited with the fiscal agent of the loan.
For the
past five years the revenues derived from the above tax have averaged
over
• $537.000 per annum, against a total service charge for interest
and sinking
fund on the present loan of $176.000 per annum, or over three
times the
service charge. The Republic further agrees that if In any year
the receipts
from the above tax fall below $500,000,it will pledge other taxes
as security
for this loan.
Sinking Fund.
Under the terms of the loan it is provided that on or before the
tenth day
of each and every month the Republic will remit the sum of
$14,666 67 to
the fiscal agent of the loan. After a sufficient sum has been set
aside for the
payment of Interest, the balance will be used for the retirement
of bonds,
either by purchase at prices not exceeding the redemption price,
or, if not
so obtainable, to the redemption of bonds by lot. Bonds so
acquired are
to be canceled. This sinking fund is calculated to retire the
entire issue
'before maturity.
New York Bankers Get Costa Rica Loan.
The Republic of Costa Rica has awarded an issue of $8,000,000 external 7% gold dollar bonds, maturing in 25
years, to the Central Union Trust Co. of New York acting
on behalf of a banking group consisting of J. & W. Seligman
& Co., Blyth, Whitter & Co., Marshall Field, Glore, Ward
& Co., F. J. Lisman & Co. and Hemphill, Noyes &
Co.
The award of this issue, the first of its kind ever arranged by
Costa Rica as a public dollar loan, has been ,awaited with
interest in international banking quarters owing to the competition between rival American banking interests which
have had representatives on the ground. The public offering
is expected to be made in this market next week, with
substantial amounts expected to be taken abroad.
Medellin (Columbia) Issue Purchased by New York
Banking Houses.
It was announced Dec. 22 that Hallgarten & Co., Kissel,
Kinnieutt & Co., and Halsey, Stuart & Co., Inc., have
purchased an issue of $3,000,000 25-year external 7%
secured gold bonds of the municipality of Medellin, Republic
of Columbia, an offering of which will be made in this
market in the near future.
City of Buenos Aires to Retire $50,000 of its 1924 Issue at
Par on January 1.
The City of Buenos Aires is retiring $50,000 of its 6/
1
2%
Sinking Fund Gold Bonds, Series 2-B of 1924, on January
1, 1927, according to an announcement made by
Kissel,
Kinnicutt & Co., fiscal agents. The January 1 interest
on
the permanent bonds to be retired at this time
will be
allowed to the present holders. The issue was for $8,490,000 and sold at 96/
1
2.
Province of Cordoba to Redeem at Par $99,000 of its
1925,
$5,943,000 Issue at Par.
The Province of Cordoba in the Argentine Republic will
redeem at par $99,000 of its external 17/
1
2 year 7% Sinking Fund Gold Bonds of 1925 and due July 1, 1942, on
January 1, 1927, Kissel, Kinnicut & Co., fiscal agents announce. Holders of the permanent bonds will receive
interest due on the date of retirement. The original issue
was for $5,943,000 and sold at 95.
Professors of Columbia University Urge Review of
War Debt Payments with View to Readjustment.
Declaring that in their judgment "the war debt settlements
are unsound in principle," the faculty of political science
3253
of Columbia University urges "complete reconsideration"
of the debt issue "in the light of present knowledge." Fortytwo professors have issued the appeal, in which it is proposed that "an international conference should be called to
review the entire problem of debt payments and make proposals for readjustment." It is contended that "the existing settlements rest upon a basis which is itself open to
question," and among other things the appeal says:
Evidence is accumulating week by week that our insistence on debt payment will cause the hatreds, which European countries are finding means
to allay among themselves, to be concentrated squarely against us. Already international trusts are being organized, to compete with our industries in neutral markets. Already it is being pointed out that the reparations payments which threaten to hold Germany in financial bondage for
two or three generations are necessary to permit the Allies to pay their
war debts to us. A coalition of Europe against the United States might
prove a good thing for Europe. Can any one believe that it would be a
good thing for the United States? Thus the demands of justice are reinforced by the dictates of political expediency and the counsels of economic
self-interest in urging us to meet half way the countries of Europe in the
International Debt and Reparations Conference which we here propose.
The appeal, made public Dec. 20, was accompanied by an
introductory statement by Dr. Nicholas Murray Butler,
President of Columbia, who said:
The faculty of political science in Columbia University, composed of
some 40 scholars and men of affairs, who are in the very front rank in
the fields of economics, social science, history and public law, have united
in a carefully prepared statement of what they conceive to be the relation
between the inter-Allied war debts told the reparations fixed by the Treaty
of Versailles and the peace and economic restoration of the world.
There can be no higher or more disinterested authority than that which
these gentlemen enjoy. They are not closet philosophers, but men in active
touch with every phase of practical life, including finance, industry, coinmerce and legslation.
The American people hardly realize the enormous advance made toward
the establishment of international security and peace during the year 1926.
The word Locarno has become symbolic not only of progress but of an
ideal which is no longer considered impracticable. This is due in chief
measure to the fact that M. Briand, Dr. Stresemann and Sir Austen Chamberlain are not merely the heads of the Foreign Offices of three Governments whose interests have often been in competition or in conflict, but that
these men have become close comrades, working with loyalty and devotion upon a common task. It is unthinkable that the people of the United
States, with their traditions and their historic policies of international
friendship and co-operation, will withhold any possible measure of support
from this epoch-marking movement.
This statement is in no sense a proposal for the cancellation of the debts
or reparations. It is an argument for the re-study of these debts and reparations and of all the problems that are so closely related to them or that
grow out of them in the light of most recent political and economic developments in Europe, this re-study to be made by or under the direction of au
international conference summoned for that particular purpose.
To Americans it will be of special interest to read again the letter addressed by Thomas Jefferson when Secretary of State to Mr. Hammond,
Minister Plenipotentiary of Great Britain, under date of May 29 1792, and
still more, perhaps, the preliminary draft of that letter which was submitted to the criticism of President Washington, of Alexander Hamilton,
of James Madison and of Edmund Randolph, in answer to the claims made
by the British Government arising out of the destruction here in the
United States during the War of Independence, of property belonging to
the British Government or to Loyalists.
The following is the statement embodying the appeal of
the faculty:
We, the undersigned members of the Faculty of Political Science and
Associated Schools of Columbia University, submit for impartial consideration the following statement:
In our judgment the war debts settlements are unsound in principle.
Certainly they have created and are fostering a deep sense of grievance
against us. We do not agree that the debts be completely cancelled.
Whether there should be cancellation in whole or only in part depends
on
many complicated factors yet to be studied. What we do urge
is complete
reconsideration in the light of present knowledge. To this end we believe
that an international conference should be called to review the entire prob.
lem of debt payments and make proposals for readjustment. This need not
and should not in any way interfere with present negotiations nor the current operation of the Dawes plan. On the contrary, it would facilitate
them. The proposed conference cannot be hurriedly improvised, but
definite steps looking toward its organization would ease the present
situatioa
and we should find ourselves co-operating helpfully and constructively
with other nations upon terms of a lasting settlement.
In the last few months the nations of Western and Central Europe have
made an unprecedented effort to rid themselves of the menace of future
war. At present they are succeeding beyond all expectation. In proportion to their success the whole world will share in the benefits. If
their
great adventure fails, the whole world, including ourselves, will some
day
suffer incalculably.
The prime condition of the success of any such movement is mutual
trust
and understanding. Our war debt settlements have produced distrust
and
misunderstanding. When century-old political enmities are
yielding to
common sense, an international financial problem of recent origin, whatever
its magnitude, should not be allowed to threaten the foremost gain in
international relations since European nations began.
Our share in the war debt problem arose out of our entry into the war
In
1917. True, we should have had no occasion for war had there been
no
European war. But the controversy as to the responsibilities of European
Powers for the outbreak of war in 1914 is not pertinent to that
other
question of why we went to war in 1917. America went into the war
on
an issue of its own. The casus belli for the United States was unrestrained
submarine warfare, behind which lay—in 1917—an apprehension of
decisive
military and naval successes on the part of the Central Powers imperiling
the development of free institutions.
Our declaration of war was followed by the mobilization not only of
cur man-power but also of our material and financial resources.
From
the latter we made extensive advances to other nations fighting a
common
enemy. Thus arose the first phase of the war debt problem. It
was at a
time when we were draining every effort to hasten our own
participation in the war. From the record of debates in Congress,direct
it
that these advances were not regarded by those who voted them as is clear
business
3254
TILE
0HRONICLE
[VOL. 128.
whole matter should be re-examined on a basis, not of immediate extransactions, but rather as joint contributions to a common cause. But the
but of justice and of generous intention, that would give no reapediency
have
would
themselves
grants
the
have
these
statements,
not
did
even if we
sonable ground for misunderstanding.
been justifiable upon no other ground.
Before proceeding with the proposal for a revision of the debt policy
That the borrowers used the credits to help win their own wars is unagreements. The
Us see what are the economic effects of the present
doubtedly true, but the reason that we loaned them the money was the let
issues are, as we have seen, of the greatest importance.
moral
and
political
this
If
war.
our
win
us
to
were
they
also
helping
so
doing
fact that by
come as a surprise to many to find that the material interests
were not so, it would mean that our Government diverted for the use of But it will
lo far as we are concerned, are relatively small.
others vast sums of money and essential war supplies at a time when it involved, scheduled annual receipts from debt payments during the next
1. Our
was calling upon the country to make every possible sacrifice to maintain
will be less than 5% of either the present annual commodity
Its own cause. The credits were freely given because they were to secure four years
or the present annual commodity exports of the United States. This
imports
of
field
the
on
directly
either
effort,
our
own
for
support
us
effective
for
is smaller than the year-to-year fluctuations which have actually
battle or indirectly by strengthening the nations associated with us. They percentage
occurred in either exports or imports since the war.
would have been justified by no other purpose.
2. The scheduled annual payments for the next few years will constitute,
Not all of our war loans were used directly for military purposes. Some
of 1% of our annual national income. Even
is estimated, less tha—
it
provided
Some
populations.
civilian
clothe
feed
and
of them helped to
the increased payments caued for in later years will not exceed ih of 1% of
permanent improvements useful after the war was over. Some of the loans
the probable national income.
were made after the armistice was concluded.
3. The scheduled annual debt payments will make much less difference
In the debt settlements we have made, insufficient account has been
the American tax bill than is generally supposed. The payments due in
In
was
debts
the
in
items
various
of
origin
taken of those differences. The
the next four years amount to less than $2 annually for each person in this
Ignored. In justice and in reason they should have been considered.
country. They amount to less than 10% of the estimated yield of the
The United States early abandoned the attempt to collect the full amount
Federal income tax of 1927; and if applied entirely to a reduction in the
called for by the original debt contracts. The first formal step toward
personal income tax rate, they would make a difference of only $2 a year
Funding
the
of
creation
the
was
establishing a new basis of debt calculation
to a typical income taxpayer with net income of $5,000 a year. The latest
Act,
this
to
According
1922.
9
Feb.
of
of
Congress
Act
the
Commission by
tabulation shows that in 1924 90% of the Federal income taxpayers paid on
the Allies were to pay all debts in full, but the rates of interest were re- net incomes of less than $5,000.
duced to 4%. The very first debt negotiations, those with Great Britain,
4. Fulfillment of the debt agreements necessarily imposes on European
pay"
showed that still further reduction was necessary, and "capacity to
hardships much greater than the benefits that accrue to America.
debtors
formula
the
was
This
.
negotiations
became the basis of these subsequent
Great Britain, France, Italy and other European countries are already
' used in the reparations section of the Versailles Treaty with reference to bearing burdens which strain their courage and strength. Taxation, in
, upon
Germany. At best a vague and difficult fofmula, it has nevertheless
proportion to income and population, is between two and three times heavier
the whole, been applied in a very real effort to reach satisfactory settleEngland, France and Italy than it is in the United States. Payments
in
canvalues
cash
the
that
stated
has
ments. The Secretary of the Treasury
in that that could at best mean a paltry gain for most American taxpayers mean to
and
Belgium
Italy,
Britain,
Great
with
settlements
celled in the
the United the overtaxed debtors a crushing load.
offered France, amount to $5,489,000,000. This means that
represented by
States is now canceling about one-half the aggregate sum
A New Basis Possible.
the principal and interest of the original debts.
debts
the
unfair and inappropriate principle of capacity
if
the
for
extreme
substitute
the
must
We
to
generous
be
would
This partial cancellation
by the to pay a full and frank reconsideration of the debt and reparations probhad been mere business transactions. It is nevertheless regarded in
mind
hold
to which all the countries concerned
They
l
conference
lems, in an internationa
debtor nations as not touching the heart of the issue.
that shall send representatives. To this conference the representatives of the
chiefly those credits which were used to wage war. They contend
that were ex- United States should go, not with rigid instructions, like those hampering
they should not in fairness be required to repay advances
when money our Debt Commission, but with directions to determine what settlement
pended for our benefit as well as for their own at a time
of war compatible with the demands of justice would seem best calculated to prodeclaration
was our only contribution. For over a year after our
This was the critical mote the future peace and prosperity of the world. This is a joint entertheir troops almost alone held the enemy in check.
brought the whole weight prise. It calla for similar action by other nations and affects all interperiod during which Germany, freed on the East,
supreme crisis, if the national monetary operations directly caused by the war.
of its power to break the Western front. During this
war as well as
We realize that this statement has touched upon only a few of the many
Allies had spared lives or if we had stinted supplies, our
aspects of this complex question. We have said nothing about the legality
theirs might have been lost.
by all of the debtor naNo attempt to reopen these pages of history was made in the negotiation of our claims to full payment. That is conceded
our Debt tions. We have passed over the fact that while the advances were made
of debt settlements. This was chiefly because the Act creating
Moreby the United States Government the means required were secured by issues
Funding Commission allowed only limited discretion to that body.
of lives of bonds to our own citizens, which bonds must be paid with interest
over, there is no way to compare the value of supplies with that
whether or not the debtor nations make repayment. But to the extent
sacrificed in war.
been all that these advances were used by our associates to prosecute the war to
The points ignored in the official settlements, however, have
has ranged our incalculable advantage, they seem to us like other war expenses,
the more accentuated in popular discussion. The controversy
between financed through bond issues rather than through revenues from taxation.
far beyond the question of money. The question of generosity
equivalent, We have said nothing of the special reason for moderation in our claims for
debtor and creditor has been discussed upon terms of what
the minds repayment from Great Britain growing out of the loans she was making to
moral or material, has been rendered for the sums advanced. To
we shall our continental associates, also mainly to permit a more vigorous proseculater
or
Sooner
controversy.
the
of
core
is
the
this
debtors
of our
from
tion of the war, nor of her declared willingness to forego repayment
be compelled to give consideration to this point of view.
the con- them in exact proportion to the extent that we relax our demand for repayBut before addressing ourselves to the more vital aspects of
existing settle- ment from herself. This aspect must be given due weight in any internatroversy we must call attention to serious defects in the
to estimate the
tional debt conference. Finally, we have not attempted
ments.
other, through the Peace
gains made by our associates, territorial and
The Existing Settlements.
were incomparably greater than ours. They have
to ques- Treaty. Their losses
d. No sober-minded economist
The existing settlements rest upon a basis which is itself open
come out of the war crippled and impoverishe
debt
ordinary
of
case
the
in
which,
pay,"
to
their gains would offset more than a fraction
tion. The formula, "capacity
proves would think of claiming that we cancel all the debts due us, their ecoparties,
both
of
benefit
possible
the
to
applied,
be
,
may
adjustments
should
so vast of their losses, or that,
difficult if not impossible of just application in the case of debts
raised to anything approaching ours.
settlements nomic position would be
as to reach over two or three generations. In most of the debt
the question, however, that must not be ignored.
of
aspect
one
There is
of
estimates
The
years.
62
forward
with indifference the growing odium
the period agreed upon stretches
Can any thoughtful American view
period
pre-war
the
of
statistics
the
upon
based
necessity,
of
capacity are,
coming to be regarded by our European associObviously with which his country is
the occasion, but when from the
whatever
and those of the abnormal post-war or reconstruction period.
distressing
ates? This would be
there are no figures for the future. •
point of view there is convincing justification for their unfavorEuropean
of
"
"capacities
economic
relative
How impossible it is to estimate the
should we not welcome a chance to talk out our differlooks back over able estimate of us,
table? Evidence is accumulating week by week
nations for so long a period will be clear to anyone who
far surpassing that ences around a conference payment will cause the hatreds of which Euronow
Germany,
of
industry
The
steel
years.
62
last
the
on debt
insistence
our
that
Simcentury.
half
means to allay among themselves to be concenof England, is almost entirely the product of the last
rubber, potash, pean countries are finding
being organilarly, other basic industries, such as coal, wheat, cotton,
trated squarely against us. Already international trusts are
the
of
countries
the
among
on
redistributi
of
in neutral markets. Already it is being
and even gold, are in process
even more ized to compete with our industries
positions
relative
their
changing
Germany
are
hold
reparations payments which threaten to
world. Nations to-day
any degree of certainty pointed out that the
rapidly than in the past. How, then, can there be
bondage for two or three generations are necessary to permit
financial
In
largely
so
settlement
this
war debts to us. A coalition of Europe against the
In the estimates of future capacity, upon which
future generations on the the Allies to pay their
believe
rests? It is surely unjust to fix the burdens of
United States might prove a good thing for Europe. Can any one
thing for the United States? Thus the demands
basis of guesswork.
compares the various that it would be a good
the
and
expediency
This injustice is all the more evident when one
of
by the dictates
political
liberality. On a VA% of justice are reinforced
settlements and notes the wide discrepancies in
counsels of economic self-interest in urging us to meet halfway the countries
debt
whole
the
of
54%,
Belgium
interest basis France is to pay only 50%,
International Debt and Reparations Conference which we
82%, while Italy pays only of Europe in the
(interest included). Great Britain is to pay
in treat- here propose.
differences
for
been
have
may
there
26%. Whatever justification
DEPARTMENT OF ECONOMICS AND SCHOOL
that the principle, "cament of the various national debts, it is unfortunate
BUSINESS:
as these.
pacity to pay," should result in such striking variations
Robert M. Haig,
John Bates Clark,
the formula conveys conStill more regrettable is the impression which
Roy B. Hester,
E.
R. A. Seligman,
payment according to the
Robert H. Montgomery.
Henry R. Seager,
cerning our attitude as creditor. To exact a
to
according
is
exaction
Russell Smith,
the
J.
that
G.
h,
V.
imply
Simkhovitc
to
seems
debtors
capacity of the
T. W. Van Metre,
had been rigorously
Boswell C. McCrea
the full capacity to pay. If this basis of settlement lower materially the
James C. Bonbright
Henry Parker Willis
to
threatening
F. C. Mills
applied, it would mean that we were
Wesley C. Mitchell,
of their every possible
William E.'Weld,
John M. Clark,
standard of living in Europe by taking tribute
doubt a wrong
without
Rexford G. Tugwell.
is
W.
This
James
Angell,
come.
to
generations
saving for three
popular
natural,
is a
Interpretation of the attitude of the creditor; but it
DEPARTMENT OF PUBLIC LAW:
pay,"
to
"capacity
itself,
Parker T. Moon,
Howard Lee McBain
interpretation in the debtor countries. The phrase
Raymond Moley.
Lindsay Rogers,
rings hard and heartless.
international
C. Jessup.
of
Philip
kind
n,
this
P.
Joseph
Chamberlai
just
escape
to
partly
As a matter of fact, it was
instead
Yntema,
E.
Hessel
with the interest
misunderstanding that negotiators dealt primarily
the
to
drawn
be
could
HISTORY:
OF
ENT
DEPARTM
of with the principal. The attention of the creditor
the scaled-down interWilliam R. Shepherd, Austin P. Evans,
full amount of the principal, that of the debtors to
Everts B. Greene,
J. T. Shotwell,
creditor
and
debtors
ly,
Unfortunate
Edward Earle,
est or lessened annual payments.
C.
J. H. Hayes
over
dissatisfaction
that
is
result
The
Harry J. Carman,
items.
opposite
Schuyler,
L.
Robert
looked at just the
misunderstanding of motives.
.L M.Gambrill.
David S. Muzzey.
the terms of the settlement has extended to a
agreeout
Fox,
Ryan
Dixon
carry
to
long
In the case of nations bound so closely and for so
may easily wreck the
DEPARTMENT OF SOCIAL SCIENCE:
ments which seem to them unjust, this dissatisfaction
Robert E. Chaddock,
Europe is rebuilding
F. H. Giddings,
Plans for world order and peace, according to which
of
parcel
and
floral McCune Lindsay, William F. Ogburn,
its shattered economic fabric.. Our debt settlements are part
Herbert N. Menton.
Tenney.
A.
Alvan
that
clear
is
It
a whole network'of settlements between the other Powers.
DEC. 25 1926.]
THE CHRONICLE
3255
Senator Smoot Characterizes Proposal of Professors
Columbia University for Review of War Debt
of Criticism in Washington of War Debt Proposals of
Columbia Faculty—President Coolidge and
Payments as Absurdity.
Treasury Heads Opposed to Move. •
A statement in which he declares that"the publicity efforts
Criticism from members of Congress has been leveled at
of the Professors of Economics at Columbia in connection the proposals of the Columbia professors for a review of the
with the settlement of the war debts contains assumptions Allied war debt settlements, and regret is said to have been
which should have correction," was issued on Dec. 22 by indicated by President Coolidge and Treasury heads at
Senator Smoot,of Utah,a member of the World War Foreign the action of the professors—the President, it is stated,
Debt Commission. The appeal by the Columbia professors feeling that the appeal will not be helpful at this time with
for a review of the war,debt payments is referred to elsewhere the French debt agreement pending in Congress, and in the
in this issue. Senator Smoot in characterizing the whole French Parliament. The New York "Times" in a Washingproposition as "an absurdity," says "if it means anything it ton dispatch, Dec. 21, thus referring to the President's attimeans complete cancellation. It seems disingenuous to
further stated:
state the professors are against cancellation and still urge a tude,
While the President permitted It to become known to-day through his
nethod of settlement of the question which inevitably means spokesman
that he had not read the statement published on Sunday with
cancellation."
any great care, it was stated that he understood its general tenor. This
Senator Smoot's statement follows:
country, he told callers to-day, is trying to work out a situation that will
The publicity efforts of the Professors of Economics at Columbia in
connection with the settlement of the war debts contains assumptions
which should have correction.
1. It is assumed by the Columbia professors that capacity to pay, as
employed by the Debt Commission, meant the highest amount which
could be collected from the debtor nation by complete exhaustion of the
debtor's resources. As a matter of fact, capacity to pay in the conception
of the Commission represented the ability of the debtor nation to pay,
taking into consideration all its external and internal obligations and the
continued full development of it national life.
France's debt agreements with America and England represent only
half of what It expects to receive from Germany. Italy has set up a fund
into which are paid German reparations and out of which can be paid
the British and American debts. The pre-armistice Belgium payments
are fixed at less than the receipts from Germany on this same account.
The debt settlements, particularly in the earlier years, do not interfere
with the economic life of the Continental nations. It is claimed too
heavy a burden Was imposed upon England. The settlement of the
American debt was a material factor in the stabilization of the British
currency.
It Is significant that by bringing sterling exchange to parity England,
in paying its adverse international trade balances, saves each year much
more than the annuity on the American debt. It has also been stated
that England has lost more through the coal strike than the entire American
debt. These examples simply illustrate the relative financial importance
of the settlements, but for some reason every attack on the Debt Commission finds it necessary to exaggerate the actual financial burden imposed
on the debtors.
2. It is assumed that the Debt Commission was bound by limitations set
by Congress. The Debt Commission was given the power, without returning to Congress, to make settlements on a 43 % 25-year basis.
No settlements were made on that basis, but in each case the Commission
negotiated an agreement which it and the representatives of the debtor
thought fair, and that particular agreement was approved by Congress.
In no case were the limitations in the statute a restriction on negotiations.
There was the utmost flexibility.
3. It is assumed that generosity did not enter into the negotiations of
the Commission. It certainly was very lenient, totally, and it cannot be
condemned as harsh to France when there is imposed no greater burden
on that nation than the collection of the post-armistice indebtedness at
5% interest.
•
The figures show that in the treatment of our half dozen or so relief
debtors England imposed a much heavier relative burden than did America
in settling for loans made by England at the same time to the same debtors
and for the same purposes.
French papers admit the Franco-British settlement, all things considered, is much more burdensome than the Franco-American settlement.
No test of generosity is set up by the Columbia professors, but it is Just
assumed America was ungenerous.
4. The Columbia professors complain because all debtors are not treated
on an equality. They speak of a settlement of 80% present value with
Great Britain and 26% present value with Italy. Do they propose to
correct this want of equality by raising the Italian settlement to that of
the British. which, of course, would impose a burden impossible of performance by Italy, or do they propose that the British be reduced to 50%
and the Italian raised to 50%, which would make an easy settlement for
Great Britain and still an impossible settlement for Italy, or do they propose
that the British settlement shall be brought down to the Italian 26%. thus
imposing no real burden on England at all.
If the last is their proposition, then why can not Italy say its 26% should
be reduced to zero because we are collecting nothing from another debtor,
as, for instance, Armenia.
The whole proposition Is an absurdity. If it means anything it means
complete cancellation. It seems disingenuous to state the professors are
against cancellation and still urge a method of settlement of the question
which inevitably means cancellation.
5. As their suggestion is understood, it is porposed that the United
States go into a joint conference to fix the amount of these debts upon
the standard of "equality" and "generosity."
They do not state at whose expense generosity Is to take place. Of
course, not of Columbia University, which enjoys the privilege of exemption
from taxation and therefore would feel not at all any cancellation of debts.
The whole proposition of the Columbia professors amounts to a proposed conference between ourselves, a minority of one, ando ur debtors,
all the rest of the proposed conferees. The debotrs are to fix how much.
if any, of their debts they wish to pay. The standards of "equality"
and "generosity" will be applied by the debtors.
6. Like so many good-intentioned people, the Columbia professors,
instead of accomplishing the benefits which they seek to confer, are actually
doing harm to those they say they would help. What Europe needs is
certainty. The French can without question pay the earlier years of the
debt settlement, and, with a return of economic stability, the later years
surely also can be met. What they need is some certainty in their fiscal
affairs, which they can only obtain if they make definite the obligations
which they have to meet.
The pronouncement of the Columbia professors is, as was to be expected,
now being used to strengthen the opposition in France to a ratification
of the Mellon-Berenger agreement and therefore has become an active
factor in the maintenance of the very ucertainty from which all Europe
Is trying desperately to rid itself. The Columbia professors permit their
idealism to seek publicity just at this time to the embarrassment of M.
Pohicare in the difficult teak which lies before him.
be helpful not only to the debtor nations but to the United States,
President Coolidge's attitude. it was said to-day at the White House,
has not changed in any respect on the payment of war debts, despite the
increasing movement for reduction or cancellation manifested in different
quarters and which the Administration,expects to continue with some per
sistence. He has defined his position in many messages and addresses, and
according to White House authorities these still express his exact present
position.
His expressed policy has been for payment of the debts according to the
ability of each nation to pay. That is still his policy, but some of hisadvisers are of the opinion that sentiment in this country may finally turn
to radical reduction, or perhaps cancellation.
Sentiment Must Change First.
According to one of the most important Administration advisers, reduction or cancellation will never come unless public sentiment favors it,
and, in his opinion, public sentiment will not so form unless it is apparent
that the enforced payment of the debts may injure American trade.
In his annual message to Congress on Dec. 6 1923, the President said
Our country would not wish to assume the role of an oppressive creditor
but would maintain the principle that financial obligations between nations
are likewise moral obligations which international faith and honor require
should be discharged.
Other messages and addresses declared substantially the same thing
In his address before the United States Chamber of Commerce in Oct.
1924. he said:
We are opposed to the cancellation of the debts due to use from abroad
and shall continue to seek their further liquidation. Now, does not this
present a consistent, practical and effective foreign policy based on common sense? No other sound and practical policy has been presented.
In its pursuance we have maintained our ancient traditions; we have provided a plan and furnished finances for a European settlement; and we
propose to continue our efforts to promote international justice under international law.
The following regarding the reception accorded the
proposals in Washington is from the Washington correspondent of the "Journal of Commerce" under date of Dec.20:
Official Washington to-day reviewed with extreme coldness the suggestion made by the 42 scholars and men of affairs composing the faculty
of political science of Columbia University that a new basis be sought
for the settlement of foreign debts to the United States. Without regard
to political views members of the Senate and House protested that the
United States had proven a most considerate creditor and that it was
regrettable under existing circumstances that the pronouncement of these
educators should come at this time. Treasury officials Joined with the
members in their denunciation of this move.
In view of the political difficulties that the French Government is encountering over ratification of the Mellon-Berenger agreement, high
Treasury officials believe that it was indefensible for Columbia University's
political science faculty to bring forward their recommendation at this time.
Recommendations Scored.
Treasury officials characterize the recommendation as theory useful
only as political capital. Under the faculty's plan the United States
would be turning the matter of foreign debt payments over to the debtors,
they declared. The faculty's statement is misleading, officials believe.
in that an impression is given that the United States is pushing its debtors
to their utmost capacity to pay, whereas in reality the Debt Commission
has been leninent in its determination of each country's capacity, and
In no instance has the utmost capacity been used as a basis.
"It is extremely unfortunate that action of that character should be
taken by such learned men as the professors and others of Columbia University." declared Representative Theodore F. Burton of Ohio. a member
of the United States World War Foreign Debt Conunission, who worked
hard during the pendency of the debt settlements to protect them in the
House.
"The general disposition in Europe is to pay these debts, particularly
in view of the fact that we have scaled them down One half, but every
expression of this character, repeated abroad, raises hope among the
debtor nations that they will be relieved entirely of payment of their
obligations. Of course, no one desires to pay a debt if he can be relieved
therefrom. The disposition, which I believe otherwise is to settle the
debts on the terms we made,is very much influenced by these expressions.
I regard it as very unfortunate that the Columbia University faculty
should take this step.
Understanding Inaccurate.
"In many instances the statements that go out are made on the basis of
a very inaccurate understanding of the facts. People oftimes do not realize
that in the case of at least one-half of the debtor nations (not one-half of
the amount of the indebtedness) advances were made after the signing of
the armistice and were not for any prosecution of the war. Statements
are often made with a great deal of superficiality."
Democratic Floor Leader Representative Finis J. Garrett of Tennessee
declared he doubted whether any such conference as that proposed should
be called at this time, or if called, whether it could accomplish any good
purpose.
Representative James A. Freer, Progressive Republican of Wisconsin,
former member of the Ways and Means Committee, declared that the
conference could not accomplish anything.
"We scaled down the debts and then the Europeans are ready to go to war
again." he asserted. "We would have to pay off $19,000.000,000 of public
debt before we find ourselves free of indebtedness growing out of the
was','1
3256
THE CHRONICLE
Representative Willis J. Hawley, Republican, of Oregon, senior Republican member of the Ways and Means Committee, declared himself
opposed to disturbing the settlements already made.
"We have made very considerable concessions to our former allies and
associated nations and we share only incidentally in the reparation payments. In the settlements following the war we asked for and received no
concessions of territory and we get no reparation payments asked of Germany by the other countries which obtained advantages to the extent of
billions of dollars."
One of those who has endorsed the action of the Columbia
professors is Representative A. Piatt Andrew (Republican),
who in part said:
"This pronouncement from Columbia represents the growing conviction
of the best informed and most disinterested people in America. Many of
the leading scholars of Harvard, Princeton and other universities have
expressed much the same thought. Many of our leading churchmen,
regardless of denomination, think along similar lines. If a poll were taken
of the most highly regarded members of the American Legion—let us say
of the Legion's past National Commanders, it would show that they
sympathize with the general idea that sooner or later there must and will
be a revision of the debt settlements.
London View of Debt Proposals of Columbia University
Professors.
London newspapers took the debt proposal of the Columbia
professors with much seriousness, according to a special
London dispatch to the New York "Evening Post" on
Dec. 21. The correspondent said briefly:
The memorandum of Columbia professors on the war debts created nearly
as much editorial comment in the London newspapers this morning as
though it had been signed by President Coolidge himself. The "Daily
Telegraph" devotes more than a column leader to it and the "Times"
gives it even longer examination. The "Manchester Guardian" also speaks
its mind to the extent of a column, while the "Daily News" and the "Westminster Gazette" give it hearty but less discursive acknowledgment. The
first effect of the memorandum thus has been to revise the debt issue in
European minds and set people on this side of the ocean to thinking considerably harder than the Americans to whom it was addressed. Every one
emphasizes that this time it is Americans that have started the argument,
and with this excuse the occasion is used to the utmost to state the European
case again.
Walker D. Hines to Head Cotton Textile Institute, Inc.
The Executive Committee of the Cotton Textile Institute,
Inc., announced on Dec. 20 the appointment of Walker D.
Hines of New York as President of the Institute. Mr.
Hines's acceptance is effective at once, but some months
will elapse before he can arrange his affairs so as to devote
to the organization all the time the work demands. The
selection of Mr. Hines for this office was the result of a
widespread canvass to secure the services of a man of broad
vision, constructive achievement and enthusiasm for the
work which the Cotton Textile Institute has undertaken.
The nation-wide outlook which Mr. Hines obtained as
Director-General of Railroads, his experience in composing
differences between European countries after the war and
the varied character of his law practice and railroad affiliations, both before and since the war, have all contributed
to his qualifications for this undertaking. Mr. Hines authorized the following:
I have been profoundly impressed by the objects of the Cotton Textile
Institute and by its promise of opportunities for constructive effort. The
laws affecting co-operative action by business interests leave available
many methods for useful and helpful collaboration which will not only aid
the cotton mill industry itself, but will promote the interests of all classes
of the public affected by the prosperity of that industry, and the Institute's
work is to be along these wholesome lines.
The Institute is formed to promote the progress and development of the
cotton industry through studying the manufacture and marketing of cotton
products and informing the trade and the public as to the results, and
through collecting and disseminating trade and manufacturing statistics
bearing on the expansion of domestic and foreign markets, the development
of new uses of cotton and its products, and improved methods of manufacture and distribution. Legislative and political questions are excluded
from the activities of the Institute.
Necessarily it will take time for me to familiarize myself with the varied
phases of this many-sided industry and any outline of specific policies at
this time would be premature, beyond saying that it will be my purpose
as rapidly as possible to get in touch with the cotton mill owners and with
the representatives of the interests with which the mill owners do business,
and in this way to equip myself with the knowledge and perspective which
will enable me to be of service.
I have received from the Executive Committee of the Institute the most
cordial assurances of the confidence and support of the members, and I
hope to be able to justify that confidence and support as well as the confidence and aid of the cotton growers and of those who handle the manufactured products.
The selection of Mr. Hines as President completes the
personnel of the officers of the Cotton Textile Institute.
The other officers serving with Mr: Hines, and who were
elected at the annual meeting on Oct. 20 1926, are Stuart W.
Cramer, of Cramerton, N. C., Vice-President; Robert Amory,
of Boston, Vice-President; Gerrish H. Milliken, of New
-York, Treasurer, and George A. Sloan, of New York, Secre• tary. The offices of the Institute (opened in October) will
-remain at 320 Broadway, New York. From a biographical
sketch of Mr. Hines we take the following:
[Vol,. 123.
Mr. Hines was born in Russellville, Ky., Feb. 2 1870. He was graduated at Ogden College in 1888 with the degree of Bachelor of Science.
He studied law at the University of Virginia, getting the degree of
Bachelor of Laws in 1893. He then returned to the Law Department of
the Louisville & Nashville Railroad Co. first as Assistant Attorney and then
as Assistant Chief Attorney until 1901, when he became First Vice-President of that company with jurisdiction over the Law and Traffic departments.
In 1904 he entered the general law practice as member of the firm of
Humphrey, Hines & Humphrey at Louisville. In 1906 he came to New
York as General Counsel of the Atchison Topeka & Santa Fe Railway Co.
and also engaged in the general law practice, becoming a little later a
member of the firm of Cravath, Henderson and De Gersdorff. For eight
years he was also Chairman of the Executive Committee of the Santa Fe
System, and in 1916 retired from the general law practice to devote his
entire time to the affairs of that Company as Chairman of the board of
directors.
When the Government took war control of the railroads, Mr. Hines was
immediately requested to assist Mr. McAdoo in organizing the Railroad
Administration, and became Assistant Director-General of Railroads. He
was appointed Director-General of Railroads Jan. 10 1919 and held that
position until after the railroads were returned to private control on May
15 1920.
The peace treaties had provided that numerous important and difficult
questions as to allocation of river shipping on the international rivers of
Europe'as between the Allied countries and the ex-enemy countries should
be decided by an arbitrator designated by the United States. President
Wilson designated Mr. Hines as such arbitrator and this designation was
confirmed by the Conference of Ambassadors.
Mr. Hines assumed these duties in June 1920, residing in Paris until
October 1921, and for a large part of that time having also a branch office
In Vienna. He rendered various decisions on these questions as between
France and Germany, Czechoslovakia and Germany, Poland and Germany,
and as between Czechoslovakia, Jugoslavia and Rumania on the one hand
and Germany, Austria and Hungary on the other hand. All of his decisions
were accepted and put into operation by the countries affected.
In October 1921 Mr. Hines returned to New York and since that time
has been in the general law practice at 24 Broad Street. He has been
Eastern Counsel of the Great Northern Railway Company, and has also
represented various other clients in matters of corporate and transportation
law. In 195 the League of Nations requested him to make an investigation
of conditions of navigation on the Danube and Rhine, and he devoted his
vacation that year to make this study, with the aid of Major Brehon Somervel of the United States Army, who acted as his assistant. The report on
this subject was submitted to the League of Nations in August 1925.
He is a member of the board of directors and of the Executive Committee
of the Chicago Burlington & Quincy Railroad Co. and of the board of
directors of the Colorado & Southern Railway Co. He is a member of the
Executive Committee and Chairman of the Finance Committee of the Association of the Bar of the City of New York and is President of the New
York Economic Club. He is also a trustee of the Frick art collection.
The French Government has conferred on him the decoration "Commandeur de la Legion d'Honneur." The Kingdom of the Serbs, Croats and
Slovenes has conferred on him the decoration "White Eagle, First Class."
He is author of numerous pamphlets and articles on Governmental and railroad problems, and, since the war, on international affairs.
Items regarding the Cotton Textile Institute, Inc. appeared in our 'Niles of July 24, pages 398 and 410; July 31,
page 527; Aug. 7, page 654, and Dec. 11, page 2990.
National Corn Growers' Association Asks That Secretary Jardine Be Replaced by Some One With
Practical Training.
Aggrieved by what they termed lack of sympathy for agriculture in Secretary Jardine, delegates at the annual convention of the National Corn Growers' Association in Des Moines
Dec. 14 adopted a resolution demanding the replacement of
Jardine in the Department of Agriculture with a man more
friendly to growers of "food and fibers." The Des Moines
"Register," from which we take the foregoing, further says:
The resolution which was forwarded to Washington reads as follows:
"Believing that the Department of Agriculture was established to improve the condition of the man who produces feed prcducts and to represent him as his spokesman for such legislation as the farm(r consid( rs hwpful to his cause, we believe that the present Secretary of Agriculture should
be replaced by scm e man whose practical training qualifies him to represent
that section of the nation that produces 75% of the nation's food."
Support Is Pledged.
The resolution also pledged the organization's support to the farm legislative committee now active in Washington, and extends sympathy to
the cotton and tobacco growers, inviting them to assist in gaining suitable
farm relief legislation.
C. H. Richeson, Webster City, Iowa, was re-elected President.
Behind the adoption of the Jardine ouster resolution, Richeson explained
last night, is the conviction of Amesican agricultural men that the Secretary is not only unsympathetic but actually hostile to the interests of farmers.
"This request for the replacement of Jardine by a true farm man," said
Richeson, "is not merely local; it is a desire of national scope to which Mr.
Coolidge should give heed."
The association demanded also action toward the re-establishment of
the Warehousing Act, so as to obtain the full benefit of intermediate credit
aid.
Resolution Is Adopted.
Richeson urged also the expansion of the farmers' power by organization
of a national federation of all farm clubs, aimed both to force the enactment
of farm legislation and to empower farmers to stabilize the price of corn
and other products independently if Congress fails to pass such legislation.
The following resolution also was adopted:
"Whereas. The economic condition of the corn belt farmer is still trending
toward a more unfavorable comparative position with those engaged in industrial pursuits, and realizing that this organization was created by the
corn belt farmers in an effort to gain an equality with organized industry,
"We demand from our Representatives in Congress a recognition of our
serious condition and a singleness of purpose centring on legislative measures, honestly conceived, looking toward equality for the producers of food
and fibers in the United States. We ask at this time that they
tplace 'farm
equality' legislation above party loyalty or personal ambition.
DEc. 25 1926.]
THE CHRONICLE
3257
Committee is of the opinion that, in view of the fact that private estiJones Bill Reducing Number of Cotton Estimate The
mates are made as to cotton production, it would not be wise to abolish
Reports Favorably Reported to House.
these reports entirely.
The measure also provides for a report on the grades and staples of the
On Dec. 21 the bill introduced by Representative Jones,
cotton on hand in the warehouses and cotton storage places, and which is
of Texas, reducing to four the number of cotton esti- sometimes referred to as the "carry over," and also a report on the grades
mate reports issued by the Department of Agriculture, and staples of cotton production.
There are 10 tenderable grades of cotton. A considerable portion of
was ordered favorably reported by the House Committee on cotton
production is not of a tenderable character. Some of it, due to
Agriculture. At the present time eleven such reports are weather, conditions, exposure. &c., especially the latter part of the crop,
issued. On the same date also (Dec. 21) an amendment to is below the tenderable grade. There is also someq-reduction of the extra
staple which is not regarded as tenderable because its value it too
the agricultural appropriations bill (offered by Represen- long
great for its use in that connection. All of this cotton, however, without
tative Buchanan of Texas), was adopted by the House, regard to grade or staple, is included in the carry over, and only the total
under which it is proposed to reduce the number of semi- figures are known. Naturally this affects the nacrket adversely. By having
as to the grades and staples of this cotton the amount of cotton which
monthly cotton reports from 11 to 8. This change, it is reports
should affect the market would be shown.
learned from the New York "Journal of Commerce" has the
The report of the Secretary of Agriculture on this matter is herewith
concurrence of the Department of Agriculture, but was only submitted and made a part of the report.
The letter of Secretary Jardine, which accompanied the
adopted by the House after a spirited fight led by Representative Rankin of Mississippi in opposition. The same report, and which we hope to give another week, questioned
account stated:
the advisability of abolishing the mid-month reports during
The debate also ranged around the Jones bill, reported from the House September and October.
Agricultural Committee, abolishing all reports save four in number, and
Issued on the first days of September, October, November and December.
There is considerable opposition to the Jones proposal, the debate developed.
Favors Mid-Month Reports.
In presenting the amendment Mr. Buchanan said that he opposed abolishing the mid-month reports for September and October because they were
critical periods in cotton production. In opposing any change in the
reporting system, Mr. Rankin declared it was playing into the hands of
the cotton exchanges, and if carried out the producer would be at the
mercy of the speculators. As it is, he said, the mid-month reports registering the changes in crop conditions gave the producer the benefit of them
as they are occurring, and do not leave all of the information with the
speculator alone. Mr. Rankin referred to the 1923 crop, when the boll
'weevil cut production by 25%, as a situation that semi-monthly reports
benefited. He said the members were being stampeded by propaganda.
The Buchanan proposal abolishes the semi-monthly cotton
reports made on July 15, Aug. 15 and Nov. 15. In quoting
what Representative Rankin had to say in opposition to the
proposed change, the "United States Daily" said:
I rise in opposition to the amendment. I realize that it is much easier,
and politically much safer, to fall in line and join the stampede of the men
and the organizations that are now clamoring for the abolition of the reports
on the production of cotton.
This amendment by all means ought not to be adopted. Another bill is
coming before the House in a short time that involves the abolition of all
the reports during the months of July and August by the Department of
Agriculture. Not only that, but the bill that is to come before the House
proposes to abolish all the reports except one a month, beginning the 1st
of September and running up to the 1st of December.
This is a bill that the cotton exchanges—and I say this, gentlemen, with
all deference to the men who differ from me on this proposition—this is
what the cotton exchanges have been after for the last three years, and they
'virtually demanded it when this bill was originally put into effect.
Let us see just what this means. Because we have made a big crop
of cotton everybody Is dissatisfied. The price has gone down below the
cost of production and they seem to want to vent their spleen against the
Crop Reporting Board or against these crop reports.
First they come in with a bill to abolish all of them. This is the more
logical of the two positions. It would be more logical to abolish them all
than it would to garble them up in the manner proposed either by this
amendment or the bill reported by the Committee on Agriculture. They
say that they want to abolish these reports in July and August and the
other bill provides for that.
The other bill absolishes all reports in July and August; and what do
you do? You absolutely upt the cotton producers, so far as the reports
are concerned, at the mercy of the cotton speculators who have their
own reporters in the field to gather information during the months of
July and August when the crop is undergoing those violent changes that
affect that crop more than any other changes that take place until the
killing frosts.
Asks Time for Debate.
I cannot support this amendment and I trust gentlemen on the other
side of the House who have been so particular about their prerogatives
will not put this amendment in the law, but let it come in the regular
course of legislation. Let it be investigated by the committee and give
us time in the floor to debate it.
Do not let us be stampeded in adopting an amendment that will be a
sad mistake as far as the cotton growers are concerned. They are the
ones interested. I am not going to be stampeded. When the time comes
that I have to be stampeded by every wave of propaganda that sweeps
over the country I am going to withdraw.
I am willing to go back and take the verdict of the cotton growers, the
men who hold the plow, for I know it will do them an injury that will
not be overcome during the life of the present Representatives in this
Congress.
The report of the House Committee on Agriculture, presented by Representative Jones, follows:
The Committee on Agriculture, to whom was referred the bill (H. R.
15539) to make certain changes in the reports of the Department of Agriculture in reference to cotton production and to make certain additional
reports in reference to grades and staples, having considered the same,
report thereon the recommendation that the measure be passed.
Under the present law the Department of Agriculture issues semi-monthly
reports beginning with July and ending with December of each year and
giving the department's estimate of the number of bales of cotton that will
be produced during the current crop year. During this period of time
11 of such estimates are published.
Under the terms of the proposed bill these estimates will be reduced to
four, these to be issued as of Sept. 1, Oct. 1, Nov. 1. and December 1,
and to be made public simultaneously with the ginning reports.
It is thought that for a few days prior to the issuance of these reports
there is a tendency toward a slackening of trade and a consequent depression
of the market. It is also thought by many of those interested that there is
a tendency toward an upsetting of the market immediately following such
reports, and the Committee therefore recommends that the number of these
reports be reduced from 11 to the number provided in the proposed measure.
Change is Planned in Cotton Futures Act to Aid South
—Senator Ransdell Would Put New Orleans Contract on Par with New York and Chicago.
Enactment of legislation to place the contract of the
New Orleans Cotton Exchange on a parity with that of
New York and Chicago will be pushed by Senator Ramsdell
of Louisiana immediately upon reconvening of Congress after
the close of the holidays, according to Washington advices
to the "Journal of Commerce" from Washington, Dec. 23.
The account also.says:
The Louisiana Senator wants Congress to remove from section 6 of the
Cotton Futures Act the following language:
"In the market where the future transaction involved occurs, and is
consummated, if such market be a bona fide spot market; and in the event
there be no bona fide spot market at or in the place in which such future
transaction occurs, then, and in that case, the said differences above or
below the contract price which the receiver shall pay for cotton above or
below the basis grade shall be determined by the average actual commercial
differences in values thereof, upon the sixth business day prior to the
day fixod , in connection with the sixth sub-division of section 5, for the
delivery of cotton on the contract."
Text of New Section.
Should Congress adopt this suggestion, section 6 would read as follows
That for the purposes of section 5 of this act the differences above or
below the contract price which tho receiver shall pay for cotton of grades
above or below the basis grade in the settlement of a contract of sale for
the future delivery of cotton shall be determined by the actual commercial
differences in value thereof upon the sixth business day prior to the day
fixed in accordance with the sixth subdivision of section 5. for the delivery
of cotton on the contract, established by the sale of spot cotton in the
spot markets of not less than five places designated for the purpose from
time to time by the Secretary of Agriculture, as such values were established
by the sales of spot cotton. in such designated five or more markets: Provided,that for the purpose ofthis section such values in the said spot markets
be based upon standards for grades of cotton established by the Secretary
of Agriculture: And provided further that whenever the value of one grade
is to be determined from the sale or sales of spot cotton of another grade or
grades, such value shall be fixed in accordance with rules and regulations
which shall be prescribed for the purpose by the Secretary of Agriculture.
"When the Cotton Futures Act was passed in 1916 there were only two
future exchanges, New York and New Orleans," explained Senator Ransdell.
"The Chicago Board of Trade has only recently added cotton to the commodities dealt in on the floor of that institution, and was not considered
at the time the cotton futures legislation was enacted.
"Of the two exchanges that the Cotton Futures Act was intended to reach
there was this essential difference between them—the New York exchange
dealt in little or no spot cotton, which was one of the principal complaints
responsible for the law, while, on the other hand, New Orleans was one
of the principal spot cotton markets in the South, as well as being a future
market.
Explains Purpose of Act.
"In order to meet this situation it was provided in section 6 of the Cotton
Futures Act that "future contracts should be determined by the actual
commercial differences established by the sale of spot cotton in the market
where the future transaction occurred, when such market be a bona fide
spot market." That plainly covered the New Orleans future contract.
"In the case of New York, which was not designated as a spot market,
section 6 went on to say: "In the event there be no bona fide spot market
at or in the place in which such future transaction occurs, then the settlement should be determined by the average actual commercial differences
In the spot markets of not less than five places designated for the purpose
from time to time by the Secretary of Agriculture."
"The Secretary of Agriculture in Regulation 14, issued to accompany the
Cotton Futures Act, has designated ten of the principal cotton centers in
the South for the purpose of determining, as provided in section 6 of the
Act, the differences above or below the contract price which the receiver
shall pay for grades other than the basis grade tendered or delivered in
settlement of section 5 of the contract.
"Whether there is any basis for the contention or not, many traders have
held that there is less chance for manipulation in the contract based on the
average differences in the ten spot markets than there is in one spot market
and for that reason some traders have preferred the New York and Chicago
contracts to that of New Orleans.
"The trade extension committee of the New Orleans Cotton Exchange,
after carefully considering these criticisms, has decided to have the New
Orleans contract in this regard made identical with that of New York
and Chicago."
Death of Joseph Newburger, Memphis Cotton Dealer.
Joseph Newburger, of Memphis, well known in cotton
circles here and abroad, died in New York, at the RitzCarlton Hotel,on Dec. 17. His death was due to an attack
of heart disease and pneumonia which developed after his
arrival in this city on Dec. 16 on a business trip. The
Memphis "Commercial-Appeal" describes Mr. Newburger ad
3258
THE CHRONICLE
[VOL. 123.
principal owner of the Federal Compress and Warehouse
Corp., the biggest cotton storage concern in the world,
President of the Newburger Cotton Co., head of the Memphis
Packing Corp. and one of the most widely known philanthropists of that section. As to his further connections it
says:
that exports may reach or exceed 11,000.000 bales and that, including
linters, American consuming establishments may take 8,000.000. Whether
or not it is well to retain 3,000.000 or 4,000,000 bales in this country,
shifting the burden of its disposition to another or later season, may or
may not prove advisable. Whether or not it is best to meet the demand
at home and abroad for our cheap cotton, "clearing the decks" for the
next crop, which doubtless will be smaller by reason of forced acreage
reduction, thus transferring the burden of this year's excess as much as
He was a partner in Silvan Newburger & Co.. of New Orleans, dealers possible to foreign centres.
in future and spot cotton; partner in J. & S. Newburger & Co., Fall River,
Be that as it may, the situation is now well in hand and the panicky
Mass., cotton brokers; partner in J. C. Doyle & Co., farm and timber conditions which prevailed at the outset have abated
The crop is moving
dealers.
out rapidly, restricted only by temporary lack of shipping, of which there
He was a member of the New York, New Orleans and Memphis Cotton Is promise of early remedy.
Exchanges and an associate member of the Liverpool, England. Cotton
Meanwhile, the South is facing a situation natural to growth in prosExchange. He was owner of the Newburger Linter Co. and also the Halley- perity. Modern methods applied to manufacturing, mining and other
bury Frontier Mining Co.
wealth-producing sources bringing to the Cotton States annually many
times the value of the cotton crop. The cotton producer only is suffering
Mr. Newburger was born in Coffeeyille, Miss., on June from
overproduction. A situation that may be met by decreasing cotton
12 1858.
production on credit and the growth of necessities on home farms. High
prices are needed to pay interest on borrowed money and for the purchase
Members of New York Cotton Exchange Refer to of living essentials. High prices, on the other hand, encourage competitive production in other countries. There is an absolute necessity
Board of Managers Proposal to Reduce
for more money per bale than we are now obtaining but there is equal
Brokerage Fees.
necessity for decreasing net costs of production through improved methods
of
and the retention of a greater percentage of the proceeds of
Members of the New York Cotton Exchange, at a meeting ourfarming
cotton.
on Dec. 17,referred back to the board of managers a proposed
It is announced that Colonel Hester has been re-elected
amendment to Section 57 of the by-laws, reducing the fees
Secretary of the Exchange. His connection with it covers a
on floor brokerage and clearance and devoting the moneys
period of over half a century.
derived from the fees to employes' pension fund and a fund
for building alterations and improvements. A majority of
the members favored the general proposition of reducing Bill Introduced in House Amending Federal
Farm Loan
the fees, but desired to vote separately on the purposes for
Act Transferring to Treasury Department Duty
which it is proposed to use the moneys from the fees. The
of Examination of Banks of System. •
amendment will be changed to conform with the wishes of
A
bill
amending
the Federal Farm Loan Act, and designed
the members, according to President Samuel T. Hubbard,
"to bring the Land Bank system into closer accord with
Jr., and will again be submitted to a vote. '
comparable practices of the national banking system,". was
introduced in the Senate and House on Dec. 21. Senator
Annual Report of New Orleans Cotton Exchange—
McLean, Chairman of the Senate Committee on Banking
Successful Marketing of Cotton Crop—Relief Urged
and Currency, and Representative McFadden, Chairman of
From Semi-Monthly Crop Estimates.
the House Committee on Banking and Currency, introduced
The harm resulting from the Government's semi-monthly the bills in the respective
branches of Congress. In recrop estimates, in forecasting the season's supply priOr to ferring to the bill the "Journal of Commerce"
said:
maturity and picking, is referred to in the annual report of
The measure, which has been under consideration by the Treasury for
the New Orleans Cotton Exchange. The report says that some time, is the direct outgrowth, it was said, of findings in the probe of
"in so far as the Government is concerned, the cotton inter- activities of certain farm loan land banks, administration of which, it was
declared, was somewhat questionable.
ests of the South need more business in legislation, and less
A statement by Mr. McFadden regarding the bill says:
legislation in business. We need the Government's assistA bill amending the Federal Farm Loan Act was introduced to-day
ance in the interest of fair and expeditious dealing, but concurrently in the Senate and the House by Senator McLean. of Conshould be relieved of interference, which forecasts produc- necticut, and Representative McFadden. of Pennsylvania, respectively.
Under the law there is committed to the Farm Loan Board the respontion, which should be permitted to progress as nearly as sibility
of determining. In no small measure, the agricultural-barking
possible hand in hand with the eventualities of consump- policy of the United States.
The board fixes the rates of loans made by the Federal Land banks to
tion." The following is also taken from the report:
Not only has the South been successful in marketing the greatest crop
ever grown, but as this report closes we are faced with a still greater production for 1926-27, exceeding in extent wildest anticipations. The
Government crop reporting agency has from month to month put forth
varying estimates of growth until it has made a last prediction of 18.399,000 bales of lint cotton, with 12.954,000 bales ginned to Nov. 14,
pointing to a possibility of 5,445,000 yet to be ginned, meaning a possible
growth including linters of 19,500,000 bales. Practically the Government,
through its estimates has thrown the weight of the entire crop on the
market before much of it has been picked and ginned. The effect at the
outset was to stampede many growers producing a semi-panic which has
only been offset by'sober second thought but not until values had sagged
6.52 cents a pound or nearly $33 a bale. As the Crop Reporting Board
has obeyed the law, its obedience, which has been honestly and conscientiously rendered, has cost the South untold millions of dollars. The
blame therefore lies upon the law and there can be a recurrence in another
season unless an Act is passed by Congress amending or repealing the law.
For several years past this exchange through vigorous representations
by President Hayne. and previously by President Butler. has strenuously
advocated relief from Government semi-monthly crop estimates, pointing
out the harm they were doing in forecasting the season's supply prior to
maturity and picking. interfering with the natural laws of trade by creating
doubt and uncertainty and spreading with governmental sanction "information" of a more or less uncertain character, useful only as a weapon
for use at home and abroad by others whose interests might or might
not be inimical to the producers of the South's great staple. Singular
to relate, the advocates of the law and opponents of amendments were
representatives of the producers. They honestly believed and claimed
that in the interest of the cotton grower we could not have too much information and in this they were in a measure correct; but they overlooked
the fact that forecasts are not information and further that, no matter
how correct, such forecasts were like a two-edged sword cutting both
ways; first by their immediate influence born of a general belief, right
or wrong, in Government infallibility (7) and subsequently by the later
actual movement of the crop whether large or small. Perhaps one of
the worst features of these semi-monthly forecasts is their one-sidedness.
They broadcast to the world the season's prospective supply but they
do not and cannot tell how much of it may or may not be needed for the
world's wants. Even were such forecasts absolutely correct, they would
make public the books of the producers while the records of the consumer
remained a sealed chapter. These are surface indications: but the actual
truths are that while it may be possible to put forth advance approximations
of supply subject to usual influences of weather, temperature, &c., during
the growing and picking season, the numerous world-wide influences
affecting consumption are such that it is shrouded with uncertainty throughout most of the entire twelve months.
This year we are reasonably certain that the Government's estmates
of exceeding 18,000.000 bales lint. plus 1.000.000 linters. may be disposed
of in the usual channels of trade. At current values or up to and around
15 cents. It is not impossible in the estimation of Col. Hester, whose statement of the situation was put forth in October by request of this board.
farmers; controls charges to borrowers; grants or refuses to banks in the
system the right to issue Farm Loan bonds; appoints, removes, and directs
the appraisers who determine the value of properties on which loans are to
be made; appoints the registrars and other officials; passes on increases in
the capital stock of Joint Stock Land banks; organizes and charters the
banks of the system; supervises the administration of the Act and sees
that the banks are operated in conformity therewith.
In addition to these broad and comprehensive powers, there is also
committed to the Farm Loan Board the duty of examining the banks of the
system.
The proposed amendment does not alter in any way the administrative
duties of the board, but plans to transfer to the Treasury Department the
duty of examining the banks of the system. The purpose of the proposed
amendment is to bring the Land Bank System into closer accord with
comparable practices of the National Banking System, whose banks are
examined by the Treasury Department through the Comptroller of the
Currency.
It is not proposed to take away from the Farm Loan Board the power
either to require reports from the banks or to make special examinations of
its own, but to provide for an independent examination of the banks by the
Treasury Department.
The loans of the 12 Federal Land banks have increased in less than five
years from $432,523,141 to $1,057,216,877 and during the same polled
the outstanding Federal Land bank bonds have increased from $434,534,775
to $1,048,029,045. During this period the 12 Federal Intermediate Credit
banks with $60,000,000 capital subscribed by the U. S. Treasury, have also
been created. These banks have about $61,000,000 debentures and
$83,000.000 loans and discounts outstanding.
There are now 57 Joint Stock Land banks—since Jan. 1 1922 the number
of these banks has increased 18.5% and their loans have increased from
$81,734,869 to $614,639,203 on Sept. 30 1926. During the same period
the outstanding Joint Stock Land bank bonds have increased from $81.509,600 to $597,263,000.
To have been able to provide, as rapidly as circumstances demanded, an
able force of competent examiners to meet this expansion would have
taxed the capacity of the ablest private management having funds available
at all times for the employment of additional assistance. This difficulty is
greatly enhanced where, as in the present case, the Farm Loan Board could
only obtain funds for additional examiners through the annual appropriation.
However, through the joint efforts of the Farm Loan Board and the
Treasury Department the examinations are rapidly being brought up to date.
When the earlier drafts of the proposed amendment were under consideration some members of the Board felt that the proposed departure
from the original Act was perhaps radical, and that the comparison of the
national banking system with the Farm Loan System was not parallel in
this instance. However,after considering the revised draft of the proposed
amendment these members indicate their willingness to support the bill
as finally drafted, realizing that the Treasury's supervision of examinations
cannot fail to strengthen the confidence of the public in the banks as well
as in the bonds issued by the banks, such bonds being defined by law to be
instrumentalities of the Government. •
The bill proposes that the Secretary of the Treasury be given power:
DEC. 25 1926.]
THE CHRONICLE
(a) To prescribe a uniform system of accounts for the banks of the
system.
(b) To direct the examination of the banks and National Farm Loan
Associations, and to require statements of conditions under oath.
(c) To appoint and fix the salaries of examiners of banks and Farm
Loan associations.
(d) To prescribe regulations for the determination of net earnings available for the payment of dividends.
The bill includes five amendments designed to strengthen the Act and
offer additional safeguards to the investing public.
The Farm Loan Act was drawn after detail study and after investigation
of similar systems then in existence in other countries. The constant and
rapid growth of the system has demonstrated its usefulness, and it now
stands as one of the important banking units of the country.
As with the National Bank Act, experience from time to time has
developed the necessity for amendments to meet changing conditions, and
to keep pace with the growth of the country. The proposed bill will
accomplish this result.
Newly Organized National Association of Federal
Farm Loan Borrowers Opposed to Proposal to
Make Federal Farm Loan Board'Bureau of
Treasury Department.
Vigorously protesting against the proposed cha,- ge in the
status of the Federal Farm Loan Board from that o an
independent body to a mere bureau under the Treasury
Department, and demanding administration of the whole
agricultural credit system along the lines claimed to have
been or'enally contemplated by Congress, the National
Association of Federal Farm Loan Borrowers, representing
the farmer-borrower-stockholders, was organized at Chicago
on Dec. 9 with Carl S. Vrooman,former Assistant Secretary
of Agriculture, as President. An announcement regarding
the new organization says:
The Association, whose purpose is "to safeguard, protect and extend the
Federal Rural Credit System" is ecpected to be an important constructive
force in improving and extending the system established ten years ago and
in combating the organized propaganda attacks that have been levelled
against it ever since.
The sessions were attended by borrowers of the Federal Rural Credit
System, members of the American Farm Bureau Federation, the Grange,
the Farmers Union, and officers of important co-operative organizations.
Nearly every section of the country was represented at the meetings which
developed an almost unanimous opinion that the time had arrived when
the growing assaults on the Federal Farm Loan System should be checked;
the real truth about the system made known; and farmers made better
acquainted with the operations of and the benefits to be derived by him
from joining the system.
The Association went on record as opposed to an investigation by the
Congress at this time, but favored a careful study of the whole system
by a joint Commission similar in character to the Joint Agricultural Commission of a few years ago. This Commission should be required to report
to Congress and make such recommendations as it may find necessary to
bring the administration of the systeM more nearly into harmony with the
original intent of the Act.
It was pointed out that farmers now own all the stock in eight of the
Federal Land banks and practically all of the stock in the remaining four
banks, and that they should therefore be entitled to an actual and effective
voice in the management of this great Rural Credit System.
The National Association of Federal Farm Loan Borrowers will maintain
headquarters at Washington, D. C., and in addition to its own activities
will act as a focal point and co-ordinating agency for similar efforts now
being inaugurated by several of the principal farm organizations. The
American Farm Bureau Federation, at its recent annual meeting, adopted
a resolution endorsing the same principles as are advocated by the
Association.
The active membership of the Association will be composed of borrowers
from the Federal Land banks, the Joint Stock Land banks and the Intermediate Credit banks, while the associate membership will include all these
persons, associations or organizations interested in the general welfare of
agriculture.
The Board of Directors includes Carl S. Vrooman,former Assistant Secretary of Agriculture, Bloomington, Ili.; Herman Steen, Secretary-Treasurer
of the Indiana Wheat Growers Association, 16 North Senate St., Indianapolis, Ind.;0. M. Kile, agricultural publicist and economist, Albee Building,
Washington, D. C.; Murray D. Lincoln, Executive Secretary, Ohio Farm
Bureau Federation, 119 East Gay St., Columbus, Ohio: Charles Hearst,
President of the Iowa Farm Bureau Federation, Des Moines, Iowa; and
J. W. Huelle, Meadow Grove, Nebraska.
Immediately upon the conclusion of the organization session, the board
elected as officers of the Association for the ensuing year, Carl S. Vrooman,
President; Mr. Hindle, Vice-President; Mr. Kilo, Secretary-Treasurer, and
C. A. Sorenson of Lincoln, Nebraska. General Counsel.
A statement issued by Mr. Vrooman on Dec. 13, said:
Farmers can not tolerate further domination of the Federal Farm Loan
System by the Treasury Department. The Federal Farm Loan Act, which
in my opinion was the greatest piece of constructive legislation ever passed
by Congress in the interest of the farmer, has been badly distorted from its
original intent and purpose. The entire Rural Credit System is being
attacked both from within and from without. Its friends must come to its
defense. The plans of Secretary Mellon and his assistants to discard the
Farm Loan Board and make the system a mere bureau of the Treasury
would still further depart from the intent of the Act and will be fought
most vigorously. The independent status of the Federal Farm Loan
Board must be maintained.
On the other hand, the administration of some of the twelve Land banks
should be liberalized. The officers of several of these institutions appear to
look upon these banks as their own personal and private property and to
Ignore the co-operative features plainly written into the Act. If these
co-operative features had been fostered and developed as the law intended,
the present policy of quick foreclosure on farms when interest payments
are delayed would not be in effect. This practice must be discontinued or
at least radically modified. The forced sale of these farms in large number
is having a most serious effect on land values. This long-term loan system
must be made flexible enough to tide over the farmer who is forced to default
temporarily on his interest payment.
Farmers now own all the capital stock of eight of the district land
banks and nearly all the stock in the remaining four. Yet they have no
325
actual effective voice in the control of the system. Probably nowhere else
in the world can such a condition be found. The National Association of
Farm Loan Borrowers proposes to make the farmer-owner's voice effective
In better fitting the Rural Credit System to actual farm needs. The
organization is managed and officered by leaders in the Farm Bureau, the
Grange, and the Farmers' Union and will co-operate closely with thse
organized farm groups to accomplish its end. Headquarters are being
opened at Washington, D. C.
The following is the resolution adopted by National
Association of Federal Farm Loan Borrowers at its
organization meeting in Chicago:
Whereas, the Federal Farm Loan System has been the subject of attack
in nearly every section of the United States; and
Whereas, the Secretary of the Treasury has announced through the press
a proposed change in the status of the Federal Farm Loan Board to that
of a mere bureau of the Treasury; and
Whereas, the management of the Federal Farm Loan System has been
largely taken out of the hands of the farmer borrowers, contrary to the
original intent of the Congress, despite the fact that borrowers now own the
capital stock of the Federal Land banks; and
Whereas, it is for the best interests of the farmer and for his agricultural
credit system that immediate steps be taken to clear the atmosphere of all
false rumors about the system and to effect such changes in the administration of the law as may be found necessary,
Therefore be it Resolved, that the National Association of Federal Farm
Loan Borrowers, in convention assembled, this seventh day of December,
1926, vigorously protests against any plan designed to bring the Federal
Farm Loan System under the supervision of a mere bureau of the Treasury
Department, and insists that the independent status of the Federal Farm
Loan Board be maintained; and be it further
Resolved, that the National Association of Federal Farm Loan Borrowers
does hereby call upon the Congress to appoint a joint Commission to make
a careful study of the operations of the Federal Farm Loan System and to
make recommendations for safeguarding, protecting and extending the
system, such Commission to be composed of members of the Bankingand-Currency and Agricultural Committees of the Senate and the House
of Representatives.
Representative Haugen Introduces New Farm Measure
—Separate Measure by Senator McNary.
A new farm relief bill along the lines of legislation proposed
at the recent Western-Southern Farm Conference at
St. Louis, was introduced in the House on Dec. 20 by
Representative Haugen. The bill would create a Federal
Farm Board to aid in the orderly marketing and in the control
and disposition of the surplus of agricultural commodities.
Senator McNary and Representative Haugen parted
company on Dec. 17 when a'new farm relief proposal under
the name of McNary-Fulmer was introduced in the House
as a companion for the Senate bill. The new bill was
introduced in the House by Representative Fulmer,
(Democrat) of South Carolina, and was identical with the'
McNary bill, except for a provision to postpone application
of the equalization fee on cotton until two years after
passage. Coincident with the introduction of his bill,
Mr. Fulmer issued a statement saying that its passage "is
the one way to force tariff reduction by having a farmerminded board that will look into freight and tariff rates and
give Congress facts as they affect agriculture."
As to the Haugen bill the New York "Times" dispatch,
Dec. 20, stated:
Chairman Haugen of the House Committee on Agriculture capitulated
to-day to the farm organization leaders who are supporting the McNary
bill, embodying the Lowden plan for farm relief.
He introduced in the House a bill much like the McNary bill, but with
slight amendments. The measure amends the original McNary bill to put
agricultural commodities on an equality with other commodities. It does
not, however, stipulate how the Federal Farm Board, which it creates, Is
to bring this about.
While hearings on agricultural relief have been set for Jan. 10, there is a
possibility that the Committee will meet before that date and report out
the amended bill.
The Fulmer bill, deferring the equalization fee on cotton for two years
and giving cotton a $100,000,000 subsidy, will be rejected by the Committee.
Call Money Market.
The following are the daily statements issued this week
by the New York Stock Exchange regarding the call money
market:
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
Dec. 20—Renewal, 5%; high, 534%; low, 5%; last,
%. Return of
checks against income tax payments caused advance to 534%
with ample supply at that rate.
Dec. 2I—Renewal, 534'%;high, 555%;low, 5 %; last,
%. Moderate
turnover. Normal conditions all day.
Dec. 22—Renewal, 534%; high, 534%; low, 634%; last, 534%. Quiet,
featureless day. Funds plentiful.
Dec. 23—Renewal, 534%; high. 6%; low, 535%; last, 6%. Seasonal
demands caused advance in rate. Ample supply at 6%.
Dec. 24—Renewal,6%; high, 6%;low, 534%; last,
%. Free offerings
on the renewal rate of 6% brought about the decline to 534%.
Statements of previous weeks have appeared weekly in
our issues since July 10 1926; last week's statement will be
found on page 3127 of our issue of a week ago.
Creditors of Allan A. Ryan Get 18 Cents on
Stating that the final chapter in the story of the spectacular
failure of Allan A. Ryan, son of Thomas Fortune Ryan,
was written on Dec. 15 in the office of Peter B. Olney, Jr.
3260
THE
CHRONICLE
Referee in Bankruptcy, No. 7 Dey St., the New York
"World" of Dec. 16, said:
Er It was in the form of an order for settlement of unsecured claims aggre-
[Vol.. 123.
Bank of Daly Expands in Other Ways.
Bank of Italy has, in a measure, been able to neurallze the effect of the
ruling
by development of its subsidiaries in the Los Angeles territory,
present
and is now preparing to amalgamate these and all other banking properties
In the State into one institution early next year. Meeting of Bank of Italy
stockholders to act on increase In the board and absorption and merger of
banks already has been called for next month as has a meeting of Liberty
Bank, one of Bank of Italy's biggest branch banking subsidiaries, for the
purpose of increasing capital from 85,000.000 to $50,000.000.
The actual designs of A. P. Giannini and associates in the further expansion of the bank are expected to be made definitely known soon after Jan. 1.
gating about $9.000,000 at terms amounting to approximately 186 onethousandths of a cent on the dollar—about 18 cents on each $100. It
placed the Ryan failure on record as one of the most complete big failures
this city has known.
Under this order—the best kind of settlement the meagre assets permit—
big trust companies receive a few hundred dollars apiece for claims running
Into hundreds of thousands. The Guaranty Trust Co. in which Thomas
Fortune Ryan is heavily interested. receives $7,816 in settlement of a claim
amounting to $4,202.495. The Chase National Bank receives $3,848 In
settlement of a claim for $2,068,830. The Chase Securities Corp. gets
Members of Delaware County (Iowa) Farm Bureau
$284 in payment of a claim for 8152,834.
Many of Mr. Ryan's wealthy friends also receive comparatively paltry
Opposes Bank Guarantee Law.
sums. Samuel Untermyer, who served as his counsel In his fight against
that the proposed hank deposits guarthe
On
grounds
for
claim
allowed
an
the New York Stock Exchange, gets only $83 70 on
$45.000 for legal services. Charles M. Schwab, whose claim for $339,210 antee law would increase taxes and would be of no benefit
was aprroved by the referee, gets $630. Harry Payne Whitney and to Delaware county, members of the county farm bureau
Elizabeth F. Sinclair are awarded $351 each on allowed claims for $188,733
In their annual meeting at Manchester, Iowa, refused to
apiece.
So much for some of the heavier losers. There are numerous smaller pass the resolution which their committee had brought in
claims, some of Which—in the light of the settlement terms—appear and which would have indorsed the guarantee idea, says
humorous. For example, Mr. Ryan goes on record as the only man ever
known to have purchased a Knox hat for 1 cent. One cent is all the Knox special Manchester advices, December 17, to the Des
Hat Co. gets in settlement of a bill for $7.
Moines "Register." The item continues:
D. J. Schnittjer of Delhi, and Carl Mitzner of Colesburg, both
Never Another Like It.
Francis G. Caffey, former United States Attorney, and receiver for Mr. prominent Delaware county farmers, led the attack on the plan and
were
assisted by several others.
a
which
Ryan, was asked yesterday if he ever had heard of another case in
The resolution was the sixth on the list and the bureau was about
claim against the estate of a bankrupt was settled for so small a sum. He
to 0. K. it along with the others when Schnittier managed to have
said he had not.
Another crelitor receiving a check for one cent is the Knickerbocker them taken up, one at a time. When the bank deposits guarantee proposal was reached it was decisively defeated, after the arguments were
Ice Co., with a claim for $5 28. . . .
Other unsecured claims, large and small, and alnounts to be paid in final heard.
It was pointed out that in Delaware county there have been but two
settlement of them, follow:
Amount bank failures and that one of these institutions is about to reopen.
Amount of
Paid.
Claim.
The farmers expressed their faith in their banks and saw no reason
$478 80
$.89 to guarantee deposits. They said a guarantee law would be expensive
Burns Bros
12
66 00
Chemists' Club
30 83 and unsound, in that it would encourage carelessness and eventually
16,575 00
Harry Content
06 lead to more failures.
33 00
Catholic Club
593
3,187 53
Other resolutions were substantially the same as nearly all county
Canterbury School, Inc
22-. 96 farm bureaus are adopting—calling for passage of the lifcNary legis123,099 60
Empire Trust Co
9 30
5,000 00
'Griffiths, Sarfaty & Content
171 lation, asking a state income tax deploring "the policy of the Federal
922 00
John W. Hart
27 Reserve System which has tragically deflated agriculture" and urging
150 00
H. M.Imboden
21 an appropriation with which to fight the corn borer. The proposed
115 25
11. Joseph & Co
37
20
560
301,279
Lawyers' Title & Trust Co
79 state bond issue for hard surfacing roads was condemned since Dela428 85
Lord & Taylor
126 ware county's roads are nearly all graveled now. A state commission
680 00
Edwin V. Morrison
1,810 41
973,342 93
was asked to encourage production of cheap power and the selling of
Mechanics /4 Metals National Bank
45 it to the people at "reasonable and equal terms."
246 87
William H.Plummer & Co.Ltd
21
114 00
A. De Pinna Co
•
Benjamin Jayenx of Manchester was re-elected president.
Allan A. Ryan filed a voluntary petition in bankruptcy July 21 1922.
over
turned
had
he
after
He was discharged from bankruptcy Dec. 13 1922,
all his assets to the court. His liabilities were listed originally as 832.435,- Bill Introduced in Congress for Guarantee of National
477. much of which was secured by stock deposited as collateral. When
Bank Deposits.
the big financial institutions which held this stock tried to realize upon it,
A bill providing for the protection of depositors in defunct
It did not bring enough to cover the amounts they had advanced to Mr.
• Ryan.
national banks and State banks, members of the Federal
The fall of Ryan was attributed generally to his action in incurring the
Repreanimosity of powerful men in Wall Street through his corner of Stuz stock Reserve system, was introduced in the House by
in 1920, when he drove the rrice up to $700 a share, and forced the "shorts" sentative Brand of Georgia on Dec. 6, according to the New
to "pay through the nose." He also had done other things to offend men York "Journal of Commerce" which says:
of considerable influence on "the Street."
Mr. Brand would use the present franchise tax assessed against the
Expelled from Exchange.
Reserve banks in the building up of a fund from which to pay losses. In
Following his Stutz corner Ryan was expelled from the New York Stock the meantime, however, he would have the Government appropriate
Exchange, and brought a suit for $1,000,000 which finally was withdrawn. $50,000,000 to a protective fund.
He got into financial straits which forced him to pledge the Stutz stock and
On Dec. 3 it was announced in Associated Press advices
other securities he held at but a small fraction of the inflated value they had
from Washington that Representative Howard (Democrat)
reached under his manipulations.
Following his discharge from bankruptcy Ryan resumed business at No. of Nebraska planned to introduce a bill providing for Federal
111 Broadway, but he has done nothing spectacular since re-entering the
guaranty of deposits in national banks. The accounts
inancial field.
stated:
Branch Bank Suit in California Settled—Court
Upholds Discretionary Powers of Superintendent
in Restricting Expansion Outside City Limits.
Special advices from San Francisco to the "Wall Street
Journal" published in its issue of Dec. 23, state:
The measure is designed along the lines of the Nebraska Guaranty of
Bank Deposits Act, which was intended to safeguard depositors' money In
State banks there in the event of failure.
Mr. Howard said that the policy of bank deposits guaranty has been In
practice in Nebraska for sixteen years and, in spite of "enemy assaults in
many courts," both the principle involved and the practice under the
principle have been sustained.
Discretionary powers of the State Superintendent of banks in California
"The Nebraska Guaranty Law." Mr. Howard contended, "has been of
ruling of first importance to
have been upheld in a State Supreme Court
such vast value to the people of my State that I am impelled by a sense
long
a
of
the
outgrowth
is
decision
branch banking institutions. The
duty to make an effort to give to the people of other States a protection
ruling of State Superintendent of of
fight of Bank of Italy against the de novo
their deposits in national banks as certain as the protection carried by
effect, denies branch banking of
in
ruling.
The
Johnson.
Franklin
John
Banks
Law in Nebraska State banks.
in cities outside the city in that
institutions the right to establish new branches
only is the Nebraska Guaranty Law a boon and blessing to the
"Not
purchase
process
a
of
by
except
located,
which their headquarters bank is
people of that State, but that blessing is now shared by thousands of people
Call
the
of
9
Section
that
holds
Court
Supreme
and conversion. The
States.
govering branch banks and that in other
Banking Act of 1909 is a lawful regulation
"Reliable bankers in Nebraska say that on Nov. 11926, many minions
of banks is a lawful delegation
discretion vested in the State superintendent
of dollars had been deposited in Nebraska banks by citizens of other states,
set up in the section.
of authority to be exercised within the limits
solely because of the protection accorded to depositors by the Nebraska
on
compete
Italy
to
of
Bank
of
efforts
the
of
The case in point grew out
banking institutions, notably Guaranty Law. • outside
money in Nebraska banks is largely responsible
even terms with the large Los Angeles branch
"This volume of
Security Bank est Trust.
Pacific Southwest Trust & Savings Bank and
for the better general business in comparison with conditions in other
to
applications
and
Angeles
Los
not blessed by guaranty of bank deposits law."
The Bank of Italy has three branches in
rule, the Bank of Italy agricultural States
institute others were denied under the de novo
Mr. Howard added that during the operation of the Nebraska Law no
Francisco.
San
in
headquarters being
depositor has lost a dollar, but that in the same time "millions have been
lost" by depositors in national banks.
Dispute Stirs Branch Banking Circles.
the
of
State
circles
banking
A dispute which arose stirred the branch
superintendent of banks designed to
and resulted in suit against the State
The court held that reasons F. W. Simonds, of American Bankers Association, on
mandate his sanction of the branches desired.
outset were insufficient to have
assigned by the superintendent at the
Collapse of State Guaranty of Bank Deposits
substantial evidence that public
caused rejection of the permits but that
sanction of the branches
Movement—Clearing House Examination Sysconvenience and advantage would not be served by
tem Antidote for Guarantee Panaceas.
appears in the later record.
with the retiring
Superintendent Johnson already has filed his resignation
with the present
Pointing out the weaknesses of plans to guaranty bank
governor, Fried W. Richardson, and will pass from office
the forthcoming
deposits by Stare laws, Frank W. Simmonds, representing
administration after the first of the year. The attitude of
has not at
administration on the de novo rule and other policy matters
Bank of the American Bankers Association, told the Colorado Bankthe
found
however,
Young.
Elect
Governor
yet been announced.
Springs, Colo., on
Italy his main corporate supporter in the last campaign, and it is expected ers Association in convention at Glenwood
to
that the forthcoming administration will be at least not antagonistic
rapid decline of the movement throughout
the
of
26
June
Bank of Italy and other branch banking expansion plans.
DEC. 25 1926.]
THE CHRONICLE
3261
the United States as brought out by a survey made by his paid in full as promptly as possible. If other banks fail and are liquidated their guarantee certificates are to be paid in full as the process of
organization. Mr. Simmonds said:
liquidation in each separate bank is completed.
So-called State guaranty of deposit laws have been tried out and found
wanting. The plan was wrongly christened at the start. It is not a guaranty but an insurance plan without the element of selective risk, entirely
dependent upon the sufficiency of the premiums paid. Experience has
shown the premiums are not sufficient and the insured are unable to
afford higher premiums. The plan seemed so easy, so simple, so promising,
that it reminds one of the allurement of the mirage.
The consensus from all sections shown by a survey of the State Bank
Division of the American Bankers Association is that the State guaranty
of deposits is passing into eclipse so far as the extension of the idea is
concerned. Notwithstanding that guaranty laws were recommended last
year by Governors of two States and introduced in several others all were
defeated. In general, the tendency appears distinctly toward the repeal
of this legislation.
During the past twenty years eight States enacted guarantee laws, beginning with Oklahoma in 1907 and followed by Kansas in 1909, Texas in
1910, Nebraska in 1911. Mississippi in 1914, South Dakota in 1915 and
North Dakota and Washington in 1917. Oklahoma rescinded her law three
years ago, leaving a large unpaid deficit. Last year South Dakota repealed
its law and referred the repeal to the people for ratification at the next
general election. Texas has modified her law, on account of State banks
changing into national banks to escape the burden, so that they may choose
between the guaranty system or a bond security plan.
The Kansas law was rendered innocuous by a decision of the Supreme
Court on April 12 to the effect that a bank may withdraw from the guaranty fund and escape any assessments beyond forfeiting the amount of bonds
deposited with the State. It is reported that most of the banks plan to
withdraw, which means that the State will have a little more than $1,000,000 With which to pay more than $8,000,000 of outstanding guaranty certificates.
The fundamental weakness of the guaranty of deposits plan is that it is
an attempt to create integrity and financial ability by legislative fiat
It tends to penalize prudent banking and to encourage reckless practices
by reducing in the public mind all bankers, honest and dishonest, efficient
and inefficient, to one common level.
Bank failures are public calamities, and all agree banks must be made
safe by some feasible means, based on sound principles. Banking experience
has taught that the best safeguards are: banking intelligence, plus unyielding integrity, supplemented by careful supervision. Supervision that
prevents failures is far more valuable to both depositors and stockholders
than any plan of guarantee of liquidation after failure.
As a preventive of bad banking, and as an antidote for the guarantee
panaceas of the politician I earnestly commend the clearing house system
of examination. Clearing'
house associations in several hundred cities, towns
and counties to-day constitute the chief line of defense against bad banking.
They are the chief factor bringing about reforms in banking laws, improvement in banking methods and promotion of sound banking practices.
The work of the clearing house associations is to-day a great constructive
force in American banking. The extension of clearing house examinations
Is a great forward step in the solution of the problem of protecting bank
deposits. The plan has been in operation twenty years and thoroughly
tested. No depositor has ever lost a dollar in a bank under the supervision
of the clearing house examiner system. The work of the clearing house examiner is continuous, not periodical, qualitative as well as quantitative
and admirably supplements and co-ordinates the work of national and
State examiners.
The decision of the court to-day means that several hundred holders of
guarantee certificates will never be paid unless some plan is worked out to
revive the guarantee law.
The suit decided by the court was brought by F. M. Thompson, Herington, against Roy Bone, State Bank Commissioner. Thompson owned certificates of the State Bank of Hope, and he brought the suit to compel the
Bank Commissioner to pay him in full at once. The bank had been completely liquidated and all of its assets collected by the receiver. Guaranty
certificates were then issued for the balance due the depositors.
The guaranty fund has approximately $1,000,000 in cash and bonds. It
has guarantee certificates outstanding aggregating nearly $3,000,000.
The State proposed that this $1,000,000 should be prorated among all certificate holders. Under the decision of the Supreme Court, the million
dollars is to be paid the certificate holders of the banks which have been
fully liquidated and banks still in process of liquidation will have no benefit
of the guarantee law.
Senator Harrison's Bill to Increase Capital of Intermediate
Credit Banks to $10,000,000 to Enable Larger Cotton
Credits.
On December 15, Senator Pat Harrison of Mississippi,
introduced in the Senate a bill designed to help the cotton
situation. It would enable the twelve Federal Intermediate Credit Banks to increase their capital $5,000,000 to $10,000,000 and thereby permit each bank to
extend loans to the sum of $100,000,000. Under the existing law the Intermediate Credit Banks are permitted to
loan only to cooperate associations and to discount their
paper through banks. The Harrison bill broadens the law
and permits the Intermediate Credit Banks to designate
as many agencies as are necessary for the convenience of
the borrowing public and to make loans directly to individuals, firms, and corporations when such loans are
secured by warehouse receipts or shipping documents covering cotton, livestock, or other agricultural products. The
bill would also permit such loans to the extent of 85%
of the market value of the product and in the case of
cotton, to make loans upon every grade of cotton. Senator
Harrison in speaking of his bill said:
"I am against the McNary-Haugen bill because it seeks to perpetuate
the protective tariff principle upon the country. I have always fought
that principle as unjust and inequitable and I cannot be a party to
foisting it and perpetuating it upon the people.
"There can be no doubt that agriculture today is the one industry
that languishes. The condition is due primarily to the protective
tariff system which has enabled some protected industries to be banefitted at the expense of other industries. The purchasing power of the
farmer's dollar today is around 65 cents. The purchasing power of
the dollar of many other industries fostered by the protective tariff
Voters in South Dakota Declare Against Repeal of is from $2 to $2.25. The system has necessarily caused the disparity
Bank Guaranty Law.
between the two. If the system should continue, that disparity will
to widen. It is against that system that the Democratic
Sioux Falls, So. Dak., Associated Press advices Nov. 5 continue
Party has waged war and what has happened today to agriculture, as
stated:
well as to other industries, was predicted by Democratic spokesmen.
"Instead of the south and the agricultural west wanting to perpetuate
South Dakota voters apparently refused to repeal the bank deposits
guaranty law at the election Tuesday, by a small majority. The vote, it, as is done in the McNary-Haugen bill, those of every section inwith 1,270 of the 1,898 precincts accounted for, gave for repeal 51,663, terested in agriculture ought to make a common war against the sysagainst 161,185.
tem and compel a restoration of the parity in the purchasing power of
South Dakota passed. 11 years ago, the first bank guaranty law in the the dollar in every industry in America. With an 18% million bale
country, under which each State bank was levied against to establish a crop of cotton produced this year, naturally the penalty must be paid
fund by which depositors of failed banks were repaid. The law functioned in reduced prices. If we are to wipe out the present surplus of cotton
until the post-war deflation caused a wave of bank failures so extensive and restore stability in the cotton industry, there must be a large
that the guaranty fund acquired a deficit of more than $25,000,000.
curtailment in acreage next year and an orderly marketing of the
The last Legislature repealed the guaranty law but postponed decision present crop. Reduction of acreage must be initiated and prosecuted
as to whether the State would repudiate obligations to depositors in banks by the farmer himself. Orderly marketing of the present crop can
already defunct. The law was referred to popular vote.
only be done through the cooperation of the farmers, the banks and the
Regarding the South Dakota Bank problem Pierre (S. D.) credit agencies of the Federal Government.
"A great emergency now exists and every reasonable credit should
advices published in the "Wall Street Journal" of Dec.2 said: be extended by the government to aid and assist.
Following refusal of the voters of South Dakota, in a referendum, to
"The bill I have offered today will permit these loans by the Governapprove the action of the last Legislature in repealing the State deposit ment, not only to the cooperative associations, but to individuals who
fund
law,
Governor
guaranty
William J. Bulow, the first Democrat elected are not members of the cooperatives.
in the State as Governor for more than 20 years and who made his campaign
"The interest rate at this time should be so reasonable as to enon the platform of retaining the law, is faced with the necessity of advising courage orderly marketing. I have made it 4%. The amount provided
legislation that will appease the holders of $40,000,000 worth of uncashed
for in the bill increasing the capital stock of the twelve Intermediate
receivers' certificates, practically all of whom voted for him in the belief Credit Banks to ten million dollars each instead of five million each
that he would find a way to reimburse them.
will permit each to extend loans in the sum of one hundred millions
The amount due, it is estimated, will be cut in half when the assets of of dollars.
failed banks are collected, but as the limit of yearly assessment under the
"The bill authorizes the Intermediate Credit Banks to establish agen•
present law is but $275,000 a year, which is less than the interest charges on cies for the convenience of the borrowing public. That is a necessity
the certificates, repayment from this source is almost hopeless. The de- if the aid is to be given to the individual.
positors are demanding that the amount be raised by direct taxation,
"One of the great problems in the present emergency is that the
contending that they deposited their money in the belief that the State was farmer who wants to hold his cotton and has a law grade cannot
guarantor
of
its
safety. Those who lost no money in failed borrow. My bill will permit a loan to be made upon every grad-the virtual
banks oppose this method of reimbursement at their expense.
"Another difficulty is that the farmer today can only borrow aheut
The Legislature is strongly Republican, and it was a Republican Legis- 65% of the market price of his product. My bill will permit E.n to
lature that passed the repealing Act, giving as the reason that since 1924 borrow 85% of the market value.
the fund has been bankrupt and it was impossible of rehabilitation. In
"Another trouble with the present Intermediate Credit System is
banking circles the sentiment is strong for nationalization, wherever a that loans cannot be made for less than six months. My bill will
bank can meet the requirements of the law as to reserves.
permit loans to be made for any length of time from 30 days to
3 years.
"There is nothing in the proposal that is revolutionary or radical.
Kansas Court Rules Against Pro Rata Dispensation
eration and relief promptly given to the
It can quickly be put into
of Bank Guarantee Fund.
cotton growers of the south."
The holders of the guarantee fund certificates under the
Kansas bank deposit guarantee law are to be paid on a "first
come, first served" basis, according to Topeka advices to
the Kansas City "Star" under date of Dec. 11. The same
Item states:
The Kansas Supreme Court ruled to-day that a failed bank, which is
completely liquidated by the receiver, is to have Its guarantee certificates
The following is the text of his bill:
S. 4826
A BILL
To amend the Federal Farm Loan Act, as amended.
Be it enacted by the Senate and Hon-se of Representatives of the
United States of America in Congress assembled,
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That subdivision (a)
3262
THE CHRONICLE
of section 201 of the Federal Farm Loan act, as amended, is amended
to read as follows:
"(a) That the Federal Farm Loan Board shall have power to grant
charters for 12 institutions to be known and styled as 'Federal intermediate credit banks.' Such board shall also have power to designate
such agencies for such banks as in its judgment are convenient and
necessary for carrying out the purposes of this Act."
2. Paragraph (3) of subdivision (a) of section 202 of such
Act, as amended, is amended to read as follows:
"(3) To make loans or advances direct to any individual, firm, or
corporation, or to any cooperative association organized under the laws
of any State and composed of persons engaged in producing, or producing and marketing, staple agricultural products, or livestock, if
the notes or other such obligations representing such loans are secured
by warehouse receipts, and/or shipping documents covering such products, and/or mortgages on livestock: Provided, That no such loan or
advance shall exceed 85 per centum of the market value of the products
covered by such warehouse receipts and/or shipping documents, or of
the livestock covered by said mortgages."
SEC. 3 (a) Subdivision (c) of section 202 of such Act, as amended,
is amended by striking out "six months" and inserting in lieu thereof
"thirty days."
(b) Subdivision (d) of section 202 of such Act, as amended, is
amended to read as follows:
"(d) Rates of discount charged by the Federal intermediate credit
banks upon such discounts shall be subject to the approval of the
Federal Farm Loan Board. On the majority vote of the members of
the Federal Farm Loan Board any Federal intermediate credit bank
shall he required to rediscount the discounted paper of any other
Federal intermediate credit bank at rates of interest to be fixed by
the Federal Farm Loan Board. Any loan under this section shall bear
interest at the rate of 4 per centum per annum."
SEC. 4. Section 205 of such Act, as amended, is amended by striking
out "$5,000,000" and inserting in lieu thereof ':$10,000,000".
SEC.
Dinner Tendered by Directors of New York Federal
Reserve Bank to Pierre Jay.
A dinner was given on Dec. 20 by the directors of the
Federal Reserve Bank of New York at the University Club
to Pierre Jay, who is resigning his position as Chairman
of the Board and Federal Reserve Agent of the Federal
Reserve Bank of New York, to accept an appointment by the
Reparations Commission as American member of the Transfer Committee under the Dawes Plan. Those present were
Mr. Jay's present and former immediate associates in the
Federal Reserve System, including members of the Federal
Reserve Board, the Governors and Chairmen of the Federal
Reserve banks, the directors of the Buffalo branch of the
New York bank, and other associates of Mr. Jay in his work
of the Federal Reserve System. Addresses were made by
D. R. Crissinger, Governor of the Federal Reserve Board;
Robert H. Treman, President of the Tompkins County National Bank; Owen D. Young, Chairman of the General
Electric Co.; S. Parker Gilbert, Agent-General for Reparations Payments (who arrived from abroad this week);
J. Herbert Case, Deputy Governor of the Federal Reserve
Bank, and by Mr. Jay. Mr. Jay was presented with an
engrossed copy of the following resolution by the board of
directors of the New York Bank:
From the date of its organization, more than twelve years ago, Pierre
Jay has served the Federal Reserve Bank of New York as Chairman of the
Board and Federal Reserve Agent. He is now resigning to be.,ame the
American member of the Transfer Committee under the Dawes Plan.
As an officer of the bank and as a representative of the Federal Reserve
Board he has achieved a unique position as a wise councillor and a tactful
leader.
He has presided at the meetings of the directors with dignity and. a sympathetic understanding of varying points of view. He has contributed to
the discussions a comprehensive knowledge of the affairs of the bank and
a clear insight into its problems.
In the broad field of policy he has exerted, by his scholarly analysis of
Federal Reserve problems and his quiet diplomacy, a large influence upon
the recorded decisions of the unwritten tradition of the Federal Reserve
[Vol,. 123.
Runkle, President Peoples National Bank, Hoosick Falls, N. Y.; W. L.
Saunders, Chairman Ingersoll-Rand Co.; Robert H. Treman, President The
Tompkins County National Bank, Ithaca, N. Y.; Clarence M. Woolley,
Chairman American Radiator Co.; Theodore F. Whitraarsh, President Francis H. Leggett & Co.; Owen D. Young, Chairman General Electric Co.
Ex-Director* Federal Reserve Bank of New York.—James S. Alexander,
Chairman National Bank of Commerce; Gates W. McGarrah, Chairman
Executive Committee Chase National Bank and director of the Reichsbank;
George Foster Peabody, retired banker; Charles Smith, President Citizens
National Bank & Trust Co., Oneonta, N. Y.; Frank L. Stevens, President
Stevens it Thompson, Inc., manufacturers of paper; Charles A. Stone,
Chairman Stone & Webster, Inc., and director American International Corporation; William Woodward, President and director Hanover National
Bank.
Buffalo Branch Directors.—W. W. Schneckenburger, Managing Director,
Buffalo Branch, Federal Reserve Bank of New York; Frank W. Crandall,
President National Bank of Westfield, N. Y.; John A. Kloepfer, President
Liberty Bank of Buffalo, N. Y.; Elliott C. McDougal, President Marine
Trust Co., Buffalo, N. Y.; Harry T. Ramsdell, Chairman Manufacturers &
Traders Trust Co., Buffalo.
Federal Reserve Bank of New York.—J. Herbert Case, Louis F. Sailer,
George L Harrison and Edwin R. Henze], Deputy Governors; W. Randolph
Burgess, Assistant Federal Reserve Agent;,L. Randolph Mason, General
Counsel; J. H. l'hilbin, Assistant General Counsel and Secretary; James F.
Curtis, formerly Deputy Governor and member of law firm of Curtis, ,
Fisdock & Belknap.
Frederick H. Curtiss, Chairman Federal Reserve Bank of Boston.
Pierre Jay, Chairman Federal Reserve Bank of New York.
R. L. Austin, Chairman, and George W. Norris, Governor Federal Reserve
Bank of Philadelphia.
George DeCamp, Chairman, and E. R. Fancher, Governor Federal Reserve
Bank of Cleveland.
W. W. Iloxton, Chairman, and George J. Seay, Governor Federal Reserve
Bank of Richmond.
William A. Heath, Chairman, and J. B. McDougal, Governor Federal
Reserve Bank of Chicago.
William McC. Martin, Chairman Federal Reserve Bank of St. Louis.
John It. Mitchell, Chairman Federal Reserve Bank of Minneapolis.
Isaac B. Newton, Chairman, and J. U. Calkins, Governor Federal Reserve Bank of San Francisco.
George V. McLaughlin, formerly Superintendent, State of New York
Banking Department.
Frank II. Warder, Present Superintendent, State of New York Banking
Department.
Owen T. Reeves Jr., Chief National Bank Examiner, Second Federal Reserve District.
Mr. Jay's appointment as a member of the Transfer Committee under the Dawes Plan was announced in these columns Dec. 11, page 2994.
Representative Hull Re-Introduces McFadden Branch
Banking Bill as Three Separate Bills.
In order that the relief granted to national banks by the
non-controversial liberalizing provisions of the McFadden
bill, and the renewal of the charter of the Federal Reserve
System beyond its present expiration in 1934, may not
longer be delayed by the interests seeking through other
provisions of the bill to extend branch banking into nonbranch-banking territory, three bills were introduced in
the House on Dec. 16 by Representative Morton D. Hull
(Rep.Ill.) so dividing the McFadden bill (H. R. 2) that each
of these subjects may be voted upon separately and stand
upon its own feet. Bill No. 1 provides for renewal of the
Federal Reserve System charter; bill No.2 grants to national
banks all the forms of relief contained in the McFadden
bill except those referring to branch banking; bill No. 3
contains the provisions of the McFadden bill in regard to
branch banking as passed by the House of Representatives,
embodying the Hull amendments. In introducing these
three bills Mr. Hull said:
The renewal of the Federal Reserve charter was a rider attached to
the McFadden bill to help carry the objectionable branch-banking provisions of the bill through Congress, for by itself this charter renewal
System.
would encounter little If any opposition in either House.
Through his writing and speaking he has made a valuable contribution in
Those provisions of the McFadden bill relating to the restrictions under
the interpretation of the Federal Reserve System to the public.
which National banks may make loans, accept trusts, and deal In securities
By his personal charm and his kindliness he has endeared himself to all have not encountered any serious resistance in either House. The enacthis associates.
ment of these provisions would be of great value to national banks in
To Pierre Jay, unselfish servant of the public interest, statesman of meeting the competition of State banks operating under more liberal
In the 26 States where branch banking is not practiced, it is
charters.
finance, and kindly friend, we, the directors of the Feder)] Re"erve Bank
of New York, express our appreciation of the service he has rendered, our these provisions which national banks are interested in, In theMcFadden
regret at his leaving us, and our confidence that he will find the satisfac- banking bill.
The branch-backing provisions have been the cause of much controversy.
tion of great accomplishment in his new and important work.
The branch-barking proup have shown a determination to insist upon a
The following were present at the dinner:
form of the bill which would permit an ultimate spread of branch banking
S. Parker Gilbert, Agent-General for Reparations Payments.
Into non-branch-banking territory, or to hold up the enactment of the
Ogden L. Mills, Congressman from New York and appointed Under- entire bill.
Secretary of the Treasury.
A tremendous propaganda has been carried on by these branch-banking
R. C. Leffingwell, formerly Assistant Secretary of the Treasury, and J. P. forces to carry out their comparatively obscure purposes of encouraging
Morgan partner.
by Federal legislation the extension of branth banking into States where
D. R. Crissinger, Governor Federal Reserve Board.
It is not wanted. This propaganda has been centred upon appeals for
the enactment of the McFadden bill for the sake of the renewal of the
Edmund Platt, Vice-Governor Federal Reserve Board.
Federal Reserve charter—"to save the Federal Reserve System which
Charles S. Hamlin, member Federal Reserve Board.
E. A. Golde.weiser, Acting Director, Division of Research and Statistics, protects our prosperity from the threat of panics"—and for the sake of the
non-controversial relief to national banks—"to save the national banking
Federal Reserve Board.
Ex-Members of Federal Reserve Board—Paul H. Warburg, Chairman system."
My purpose In dividing the McFadden measure into three separate
International Acceptance Bank; Albert Strauss, Seligman & Co.; Carter
Glass, Senator; David F. Houston, Financial Vice-President, American bills is to bring the branch-banking controversy out into the open, where
Telephone & Telegraph; Frederick A. Delano, Receiver for United States branch-banking legislation will not be passed with a sugar coating of
Supreme Court in extensive litigation, etc.; W. IV. Stewart, formerly Federal Reserve or national bank legislation.
Director, Division of Research and Statistics, Federal Reserve Board.
With the exception of the comparatively small number of powerful institutions which seek to extend their control of finance and credit by gradually
Deputy Comptroller of the Currency Charles IV. Collins.
branches first within the city, the county, the State, and even
Directors Federal Reserve Bank of New York.—Samuel W. Reyburn, establishing
across the continent, the banks of the country are demanding that legislaPresident Associated Dry Goods Corporation and Lord dc Taylor; Delmer tion affecting the spread of branch banking
shall be considered on its merits
Mac. 251926.]
THE CHRONICLE
3263
In the open,and not behind a camouflage or smoke screen of other banking sions or other forms of support to the Federal Reserve Board, who shall
Issues.
any substantial
They are also rightfully asking that the non-controversial benefits be no approve the same in wiriting before any such plan or
longer delayed by attempts to entangle them with provisions obscurely modification thereof is put in operation by the corporation. The corporaencouraging branch banking.
tion shall render an annual report to the Federal Reserve Board in such
By the action of Congress upon these three bills, it will be easy to find form as may be prescribed by the said board, and It. business and affairs
out the real motives of the advocates of the McFadden bill. If they are
actuated by the high purposes emphasized in their propaganda they will shall be subject to examination by the said board.
Sec. 4. The pensions and other forms of relief to be provided by the
welcome an opportunity to enact the non-controversial provisions of the
bill as separate measures.
corporation shall be based upon the contributory system;that is to say,that
If they do not, they will give further evidence of their purpose to extend the person to whom, or to whose dependents, a pension or Other form of
branch banking into non-branch-banking territory under the mask of the
relief shall inure or be payable shall contribute to the corporation a part
other provisions of the bill.
of the cost of organizing and operating the corporation and establishing
the funds out of which the pensions and other forms of relief are to be paid,
and a portion of such costs shall be contributed by such person's employer;
And provided further, that no pension shall be paid out of the amounts
Senate Passes Bill Providing for Federal Reserve
contributed or to be contributed by the Federal Reserve banks, the Federal
Pension Fund.
Reserve Board and the Federal Reserve agents at a rate in excess of 30%
On Dec 17 the Senate passed the bill incorporating the of the maximum annual salary received by such officer or employee. The
Federal Reserve banks, the Federal Reserve Board, the Federal
Federal Reserve Pension Fund. The bill was introduced last several
Reserve agents, and such banks or trust companies as may be nor or hereMarch by Senator McLean and referred to in these columns after be member banks of a Federal Reserve bank are hereby authorized
March 27, page 1712. Prior to its passage, it is noted in to contribute to the cost of the organization and operation of the corporation
and the establishment and maintenance of the said funds. The respective
Washington advices, Dec. 17, to the New York "Journal amounts
to be contributed by an officer or employee and by the employer
of Commerce" it was amended so that no member bank of such officer or employee, covering both past and current employment,
by the corporation: Provided, that
shall be required to contribute unless it shall elect to partici- shall be established from time to timeFederal
Reserve banks, the Federal
total amounts contributed by the
pate in the operation and maintenance of the fund. The the
Reserve Board, and the Federal Reserve agents shall not exceed the total
bill names the Federal Reserve Governors and their suces- contributions made by the officers and employees thereof, with interest.
Sec. 5. The corporation, subject to the approval of the Federal Reserve
sors, as incorporators, and defines the purpose to be to
Board, may provide pensions and other forms of relief for the officers and
provide pension for officers and employees of the Federal employees of member banks of a Federal Reserve bank, and such banks
Reserve Banks and Federal Reserve Board, and Federal may contribute to the cost of organizing and operating the corporation
funds of which the pensions and other forms of relief
Reserve Agents who by reason of long service, age, disability and establishing the
are to be paid, all under such terms and conditions and rules and regulations
or other reasons are deemed entitled to assistance and aid as may be established from time to time by the corporation
Sec. 6. The Congress may alter, amend, or repeal this Act, but no conof the corporation. Fund is to be raised through contributract or individual right made or acquired shall thereby be divested or
tions by the employees themselves and by their employers impaired.
in amounts fixed from time to time by the corporation.
Sec. 7. No member bank shall be required to contribute to any fund the
The following is the text of the bill as passed by the Senate creation of which is herein provided for, unless it shall elect to participate
in the operation and maintenance of the said Federal Reserve Pension
AN ACT to incorporate the Federal Reserve Pension Fund, to define its Fund.
functions, and for other purposes.
Sec. 8. This Act shall take effect upon its passage.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That Daniel R. Crissinger, William
P. G. Harding, Benjamin Strong, George W.Norris, E. R.Faucher, George
J. Seay, M. B. Wellborn, James B. McDougal, David C. Biggs, R. A. Report of Carmi A. Thompson on Philippines—SecreYoung, W.J. Bailey, Lynn P. Talley, John U. Calkins and their successors
tary Mellon Not in Favor of Extension of
are hereby created a body corporate by the name of the "Federal Reserve
Federal Reserve System to Islands.
Pension Fund," for the following purposes, viz.:
(a) To provide pension or other forms of support for officers and emThompson, in his report to President Coolidge
Carmi
A.
ployees of the Federal Reserve banks, Federal Reserve Board, and Federal
Islands, proposes among other things the
the
Philippine
on
Reserve agents, who by reason of long and meritorious service, or by age,
disability, or other reasons shall be deemed entitled to the assistance and extension of the Federal Reserve System to the Islands.
aid of the corporation on such terms and conditions, however, as the corThe report was transmitted to Congress by President
poration may from time to time approve and adopt.
Associated
(b) To provide pensions or other forms of support for persons who may Coolidge on Dec. 22. On Dec. 23 it was stated in
be or who may have been dependent upon such officers or employees, and Press dispatches from Washington that it was indicated
who shall be deemed entitled to the assistance and aid of thecorporation
the Treasury does not look with favor on the extension
on such terms and conditions, however, as the corporation may from time that
of the Federal Reserve System to the Philippine Islands, as
to time approve and adopt.
(c) To provide pensions or other forms of support for officers and em- recommended by Col. Thompson. The dispatches go on
ployees (and for persons who may be or who may have been dependent
to say:
upon such officers or employees) of any bank or trust company that is or
There is a decided disinclination on the part of Treasury officials to
shall be a member bank of any Federal Reserve bank, and who shall be
deemed entitled to the assistance and aid of the corporation, on such terms consider the establishment of service outside the United States.
It was pointed out that the activities in Cuba are confined to the exand conditions, however, as the corporation may from time to time approve
change of currency and that no borrowings are entered into with the
and adopt.
(d) In general to do and perform all things necessary or appropriate to Havana branch of the Atlanta Federal Reserve Bank. In fact, it was
a corporation created for the purpose of providing pensions or other forms said that offhand it could not be seen how such extension would be of
of support for officers and employees of Federal Reserve banks, Federal benefit to the people in the islands.
To extend the advantages of the Farm Loan system to the islands would
Reserve Board. Federal Reserve agents, and member banks of Federal
Reserve banks and for persons who have been or may be dependent upon require additional legislation, it was explained, and here again, Treasury
officials
could not see where that would be of great benefit. Porto Rico
such officers or employees. The forms of support provided by the corporation may be in the form of support provided by the corporation may be has been given Farm Loan System privileges but the Department men
in the form of annuities, disability payments, life insurance, or other forms would not say whether the Philippines offered a comparable case.
which from time to time shall seem expedient to the said corporation, and
In his report Col. Thompson summarized as follows
for the purposes aforesaid the corporation may establish and maintain
appropriate activities, agencies and institutions and may aid or make use his proposals:
of such activities, agencies, or institutions as may be now or hereafter esIn accordance with your request I have included in this report a numtablished for like or similar purposes, provided that the corporation shall ber of suggestions of what might be done to secure a better administranot provide pensions or other forms of support for any member of the tion of affairs In the Philippines and a further development of their ecoFederal Reserve Board or ffor any person other than those described in nomic condition.
subsections (a) (19) or (c) of this section.
In conclusion, these suggestions are summarized and certain other
Sec. 2. The said corporation shall have power to contract, to take and
recommendations made. I have the honor to recommend:
hold by bequest, devise, gift, contract, purchase, or lease either absolutely
1. That such steps be taken as may be required to re-establish coor in trust for any of its purposes any property, real or personal, without operation between the executive and legislative branches of the Philippine
limitation as to amount or value except such limitation, if any, as the Government.
Congress shall hereafter impose; to convey such property, to invest and
2. That the granting of absolute independence to the Philippines be
reinvest any principal and deal with and expend the principal and the postponed for some time to come: that this matter be considered at some
income of the corporation in such manner as in the judgment of its trustees future date when the islands are sufficiently developed to maintain an
will best promote its objects. The persons named in the first section of independent Government, and that in the meantime there be granted
this Act,or a majority of them,shall hold a meeting and adopt a constitution such further autonomy in the management of internal affairs as connot inconsistent with law, whi,41 shall be subject to amendment. The con- ditions may from time to time warrant.
stitution shall prescribe thelikalifications of members who may or may
3. That the United States Government establish an independent denot be restructed to the same persons who are trustees of the corporation,
partment for the administration of the Philippine Islands and other
the number of members who shall constitute a quorum for the transaction overseas territory.
of business at meetings of the corporation, the number of trustees by whom
4. That the Governor-General be provided with the necessary civil
the business and affairs of the corporation shall be managed, and the advisers in order to relieve him of the present necessity of selecting such
qualifications, powers, tenure of office, and manner of selection and of advisers from the United States Army.
fixing the compensation of the trustees, managers, officers, and employees
5. That Mindanao and Sulu should not be separated from the rest
of the corporation: Provided, however, that the trustees of the corporation of the islands, but that American control be strengthened in the More
more
than
consist
of
not
of
whom
shall
twenty-six persons,
twelve shall be country.
elected,one each by the respective boards of directors of the several Federal
Extension of Federal Reserve System.'V'
Reserve banks, and of whom twelve shall be elected, one each by the
6. That the Federal Reserve System should be extended to the
respective employees of the several Federal Reserve banks and of whom
one shall be elected by the Federal Reserve Board and of whom one shall Philippine Islands.
7. That one or more Federal Land banks should be established in
be elected by the employees of the Federal Reserve Board.
the Philippines to provide loans at reasonable interest rates for the
Sec. 3. The corporation shall be without capital stock and shall conduct farmers who now. pay from 21 to 30% interest.
its business without profit, and the corporation and its property and the
8. That the United States Department of Agriculture establish a
Income derived therefrom shall be exempt from all Federal State, and sufficient_ number of experiment stations in the Philippine Islands
taxes
upon
except
except
real
estate,
and
that
taxation,
it
local
shall be to properly develop the agricultural resources of the islands.
9. That the fundamental law governing the Philippines known as
liable to such applicable Federal taxation as may be imposed by the Congress. The corporation shall submit its proposed plan of providing pen- the Jones Act be not amended or changed at this time.
3264
THE CHRONICLE
[VOL. 123.
10. That the Philippine Legislature should amend the Philippine land Finance Corporations referred to in my letter of
Nov. 6, are being formed
laws (with proper safeguards) so as to bring about such conditions as in the cotton states, the Federal Intermediate Credit
Banks may discount
will attract capital and business experience for the development of the notes offered by such corporations when it appears to
the satisfaction of
production of rubber, coffee and other tropical products, some of which the banks that the proceeds of such notes have been
advanced or used in
are now controlled by monopolies.
the first instance for financing the production of cotton or defraying
11. That no amendments be made at this time to the Philippine land indebtedness arising from such production, provided, of
course, that this
laws by the American Congress.
privilege shall not be extended to any person for financing the purchase of
12. That the Philippine Government withdraw from private business cotton for speculation therein.
at the earliest possible date.
The representatives of the Cotton Finance Corporations stated also that
The fundamental problems in the Philippines concern the Government it would be desirable, and probably necessary, that they
be able to advance
of the islands and their future relations with the United States. Upon the full amount decided upon, as, for example, nine cents
per pound on the
the proper solution of these problems depends the political, social, eco- basis of middling, upland h-inch white cotton, without
any deduction in
nomic welfare of the Filipinos.
advance for interest on the loan or carrying charges against the cotton.
We shall refer more at length to the report another week. After careful consideration, the Board concluded that: ,
(a) Such notes having a maturity of 18 months may be discounted for the
Finance Corporations, interest on the notes to be permitted to accrue until
maturity without payment being required by the Federal Intermediate
Federal Reserve Board's Ruling on Acceptance by Credit Banks at any time prior thereto unless previously collected by the
Finance Corporation;
National Banks of Drafts Drawn Against
(b) That those notes may be drawn so as to cover not only the original
advance made by the Finance Corporations, and interest, but in addition
Import and Export Bills.
such expenditures as the various corporations might find it necessary to
make for carrying charges, such as storage, insurance, weighing, classing,
In its December "Bulletin" the Federal Reserve Board transportation,
and sales expenses. Federal Intermediate Credit Banks
may. during the life of the loan, make proper advances to the corporations
announces new regulations regarding the acceptance by for
such expenditures on the basis of the security already held.
national banks of drafts drawn upon them by other banks
These Cotton Finance Corporations, the Co-operative Marketing Associations, and other agencies in the cotton States are co-operating in working
against import and export bills. The ruling follows:
The Federal Reserve Board has for some time had under consideration out the problems of marketing in an orderly way the surplus of this year's
the question whether national banks may legally accept drafts drawn upon crop of cotton and the board feels that the Federal Intermediate Credit
them by other banks against the security of import or export bills of ex- Banks have a splendid opportunity to demonstrate their ability and willingness to render effective aid in meeting the problem.
change previously discounted by such other banks.
If you have not already done so, it is suggested that you keep in touch,
The question now arises in the following form: The New York agency
of a foreign bank buys export bills to finance the shipment of cotton to a with the representatives of the Cotton Finance Corporations and Co-operaforeign country and in order to refinance itself arranges for a national tive Marketing Associations in your district and do everything possible to
bank to accept bills drawn upon such national bank by such foreign bank facilitate their operations, keeping us advised of the progress made and all
and secured by a pledge of the export bills previously purchased by the developments in connection therewith.
foreign bank. The question presented is whether the national bank may
lawfully accept bills drawn upon it under such circumstances.
Federal Reserve Board's Ruling on Eligibility for
Board Magee View.
Rediscount of Notes of Cold Storage and
In a ruling published on page 610 of the Federal Reserve "Bulletin"
Warehouse Company.
for June 1920 the Board ruled that "no bank which has purchased a forIn its September Bulletin, the Federal Reserve Board
eign documentary draft may refinance itself by drawing a draft on a
member bank secured by the documentary draft." The Board has care. made public the following ruling in which it holds that
fully reconsidered this question, however, and is of the opinion that such
certain notes of a cold storage and warehouse company are
ruling contains an unnecessarily strict interpretation of the law.
The Board is now of the opnion that such acceptances may be said to not properly eligible for rediscount at a Federal Reserve
come within the broad terms of the provision of Section 13 of the Federal Bank.
Reserve Act which authorizes member banks to accept drafts drawn upon
The Federal Reserve Board has been requested to rule upon the eligibility
them "which grow out of transactions involving the importation or expor- of certain notes of a
cold storage and warehouse company for rediscount at
tation of goods,' provided that such drafts are drawn before the underlying a Federal Reserve bank.
export transaction is completed. The same interpretation would necesIt appeared that this company is regularly engaged in the finance business
sarily apply also to drafts drawn upon national banks by other banks through the making of
loans to customers against the security of goods
against the security of import bills previously discounted by such other stored with the company.
It issues two classes of paper:(1) Collateral trust
banks.
notes secured by the pledge to a trustee of customers' notes payable to the
New Ruling Made.
company, representing advances made to customers on the security of
The Board rules, therefore, that national banks may legally accept goods stored; and (2) straight unsecured notes payable to banks. It condrafts drawn upon them by other banks against the security of import ceded that its collateral trust notes are ineligible for rediscount; but conor export bills of exchange previously discounted by such other banks, tended that its straight unsecured notes are eligible, on the ground that
provided that such drafts are drawn before the underlying import or export they are issued to finance its current operations. In support of this contransactions are completed and comply as to maturity and in all other tention it was stated that the company's quick assets (exclusive of advances
respects with the provisions of the law and the Board's regulations. Con- to customers) are in excess of its current liabilities (exclusive of its liability
versely, the Board rules that national banks may not legally accept drafts on collateral trust notes); that its current accounts receivable consist of
drawn upon them by other banks against the security of import or export accrued storage charges billed to customers but not yet paid and bills
bills of exchange previously discounted by such other banks when such rendered to customers for services, ice, and material; and that its current
drafts are draws after the underlying import or export transactions are operating expenses consist of labor, electric power, material, interest on
bonds, administrative expenses, and other usual expenses incident to a
completed.
In the Board's opinion, an import or export transaction is completed going business. On the other hand, it was admitted that the company's
when the goods have arrived at the final destination specified in the export bills receivable representing advances made to customers sometimes exceed
its collateral trust notes outstanding by as much as 10 or 15%. although
shipping documents.
the usual practice is to deposit customers' notes in the hands of the trustee.
and issue collateral trust notes against them as soon as possible, and the
Federal Farm Loan Board Announces Regulations amount of customers' notes pledged to the trustee is approximately the
amount of the collateral trust notes outstanding, the only margin required
Governing Discounting of Notes of Cotton
being represented in the value of the goods in storage against which advances
Finance Corporations.
have been made.
The board has given careful consideration to the question presented, anti
The Federal Farm Loan Board, through Chairman Albert
of the opinion that these notes are not properly eligible for rediscount at
C. Williams, issued a letter on Nov. 19 to the Federal Inter- is
a Federal Reserve bank.
mediate Credit banks regarding the measures of relief
The financial statement showing an excess of quick assets over current
liabilities
is valuable only as indicating that the borrower is in a liquid
instituted in behalf of the cotton grower in which he said
condition and that the borrowing is not for capital purposes or for permanent
the Federal Intermediate Credit banks may discount notes or fixed investments of any kind. In order to be eligible for rediscount under
offered by Cotton Finance corporations "when it appears the terms of section 13 of the Federal Reserve Act, a note must arise out
to the satisfaction of.the banks that the proceeds of such of an actual commercial transaction; that is, it must have been issued or
drawn for agricultural, industrial, or commercial purposes or the proceeds
notes have been advanced or used in the first instance for must have
been used or must be intended to be used for such purposes.
financing the production of cotton or defraying indebted- The eligibility of the notes in question therefore depends upon the character
the
of
ness arising from such production, provided, of course, and thetransactions out of which they arise or the use made of the proceeds,
mere fact that the company's statement
an excess of quick
that this privilege shall not be extended to any person for assets over current liabilities is not alone sufficientshows
to establish the eligibility
financing the purchase -of cotton for speculation therein." of the notes.
It appeared that this corporation is regularly engaged in the finance
The letter follows:
business through the making of loans to other parties against the security
Dear Sir.—You will recall that at our conferences last week, representa- of goods stored with the company by such parties, and that it finances the
tives of the Cotton Finance Corporations which are being Organized in the major portion of this business through the issuance of collateral trust notes
South, made a number of suggestions concerning certain features of their secured by the notes of its customers. It conceded that such collateral trust
operations.
notes are ineligible for rediscount, because they clearly are finance paper
Briefly, they stated that every effort will be made to reach the cotton still under the terms of section II (b) of the board's Regulation A and the
in farmers' hands so that proceeds of the sale of the cotton over and above ruling publlshed on page 308 of the March, 1921, "Bulletin."
the loans and carrying charges will go directly to the farmers. They pointed
This company, however, borrows some money from banks on its own
out, however, that inasmuch as a considerable percentage of the crop straight unsecured notes and desired to have such notes declared eligible
already has passed from the farmers to the country merchants and bankers for rediscount, on the theory that the proceeds of such notes are used exwho financed its production, or defrayed indebtedness of the farmers clusively for its current operating expenses. The company's
current
arising therefrom, it will be necessary also to obtain cotton from these operating expenses, however, are necessarily incidental to its principal
sources in order to accomplish the purpose in view.
business, and their character must be determined by the character of its
They stressed the fact that in such cases, even though the actual title principal business. Even if its borrowings for current operating expenses
to the cotton might not remain in the individual farmer, he will receive could be completely segregated from its borrowing of funds to be advanced
substantial benefits from advance made to those who financed him, and to other parties, therefore, it would seem that its borrowings for current
who will be called upon to finance his further operations—because these operating expenses should be classed as a borrowing for finance purposes,
agencies will be put in a better position to carry him, and the storage of the because it arises out of the finance business and not out of a commercial,
surplus of this year's crop should result in better prices for next year's agricultural, or industrial business within the meaning of the Federal
production.
Reserve Act and the board's regulations.
Under the circumstances,the Farm Loan Board feels that,for the purposes
Moreover, a corporation engaged in the finance business necessarily must
of the plan of storage and orderly marketing of cotton for which the Cotton have some working funds to enable it to make advances to its customers in
DEc. 25 1926.]
THE CHRONICLE
the first instance and to carry paper resulting from such advances until it
can refinance itself by the issue and sale of collateral trust notes secured by
such paper. The proceeds of the unsecured notes made by such a corporation, therefore, would almost certainly be used to some extent in making
advances to its customers, and this corporation admits that the amount
of advances made to its customers occasionally exceeds the amount of
collateral trust notes outstanding by as much as 10 or 15%. It is clear
that the borrowings of the company on its straight unsecured notes payable
to the bank would, at least to the extent of such excess, be for the purpose
of making loans to third parties. As a practical matter, it is almost certain
that the proceeds of all borrowings made by the company either on collateral
trust notes or on straight notes payable to the banks go into a common
fund out of which advances to customers as well as current operating
expenses are taken, and it would be impossible to distinguish the proceeds
of one class of loans from the proceeds of the other, even if the borrowings
of a finance company for its current operating expenses could be considered
a borrowing for a commercial instead of a finance purpose.
In view of these considerations the board is of the opinion that the notes
of this corporation can not properly be considered eligible for rediscount
at a Federal Reserve bank.
Eligibility of Federal Warehouse Receipts Based on
Stored Cotton.
The following is from the Dallas "News" of Oct. 31:
Farmers do not know much about the advantages of Federal warehousing
of their cotton. Now that holding of cotton off the market is urged by
almost everyone, R. L. Newton, in charge of the Southwestern division in
the administration of the Federal warehouse act, submits the following
timely suggestions:
Federal warehouse receipts are gilt-edged paper, negotiable at all times
with cotton stored in such warehouses as adequate security.
If the grower who has stored cotton in a Federal warehouse wishes to sell
his cotton he sells his receipt. This receipt contains all essential information
as to the cotton, its grade and staple length and bale weight. The farmer
obtains his grade and staple as part of the service, which in itself is something
that he is not offered generally in the average country warehouse. Grade
and staple length enable him to arrive at an approximate idea of its market
value when he wishes to sell his cotton.
The farmer can obtain more advance money from Federal warehoused
cotton than from the average cotton yard.
Concentrate Cotton.
The average yardticket shows no insurance, weight, staple or grade and
the general practice in country warehouses is to take care of the cotton
paper by margins which the grower has to pay when the price declines.
below the safety mark. If the margins are not met the loan may be called
In and the cotton sold.
Farmers can ship cotton to Federal warehouses and have the local freight
rate within 100 miles of Dallas, say, refunded when the cotton is shipped.
Federal warehouse men are carefully selected. Moral and financial
responsibility are required to become eligible as a Federal warehouse man.
A thorough investigation is made to determine the competency and integrity
of those who are in any way connected with the operations of the warehouse.
A bond is required of the warehouse man to insure strict performance of
his duties. A uniform receipt is given for the cotton delivered by a grower,
this warehouse receipt being printed on special Government paper, serially
numbered, which guards against fraud. A thorough system of auditing of
the warehouse books is in force four times a year by Federal examiners
and there are penalties for violations.
Adequate Safeguards.
When a banker receives a Federal warehouse receipt for cotton it is prima
fade evidence that all the safeguards of the Federal warehouse system are
behind that particular receipt. No further Investigation of the cotton has
to be made and the paper is at once subject to discount with the Federal
Reserve Bank or with correspondent banks.
There are only seven Federal warehouses in Texas and they are located at
Hillsboro, Waco, Mart, McGregor, Dublin, Marlin and Ballinger. The
number will be Increased as soon as bankers as a whole realize the importance
of such warehouses as safeguards against the practice of dumping cotton
indiscriminately.
Ruling of Federal Reserve Board Governing Rediscount
of Bankers' Acceptances Drawn to Finance
Storage of Cottonseed.
The Federal Reserve Board in its September "Bulletin,"
published its ruling governing the eligibility for rediscount
of bankers' acceptances drawn to finance the storage of
cottonseed. The Department of Agriculture had previously
made known the ruling in announcing the promulgation of
regulations for the storage of cottonseed under the United
States Warehouse Act, this having been referred to in our
issue of Sept. 4, page 1195. The Reserve Board's announcement is as follows:
•
3265
deterioration and provided the acceptance compiles in all other respects
with the requirements of the law and the Board's regulations. This ruling may be found in the 1925 "Federal Reserve Bulletin." at page 737.
The Board has also had occasion to rule upon the right of member banks
to make acceptances issued against goods stored on premises owned by the
owner of the goods but leased to an Independent lessee who issues warehouse
receipts covering the goods in storage. The Board held in this ruling, pubILshed on page 634 of the 1918 "Bulletin," that If the premises In question
were actually turned over to the lessee on a bona fide lease, the lessee being
independent of the borrower and having entire custody and control of the
goods, a member bank could properly accept drafts drawn against warehouse
receipts issued by the lessee: but held further that the borrower should not
have access to the premises and should exercise no control over the goods stored.
Such drafts eligible for acceptance.by member banks would also be eligible
for rediscount at Federal Reserve banks. If of proper maturity.
Under the ruling of the Federal Reserve Board just mentioned access to
the premises where the goods are stored is not permitted to the owner of
the goods for inspection or for any other purpose. This condition of the
previous ruling can not be met in the storing of cottonseed. Due to the
fact that cottonseed is subject to deterioration from heating, cottonseed
owners storing their seed in warehouses are accustomed to visit these warehouses from time to time for the purpose of Inspecting the seed. In order.
therefore, that bankers' acceptances drawn to finance the storage of cottonseed may be eligible for residcount, a modification of the principle stated in
the Board's previous ruling with reference to the owners' access to the goods
is necessary.
After a consideration of these questions, the Board now rules that—
"Bankers' acceptances secured by cottonseed stored in a warehouse
owned by the owner of the cottonseed but leased to an independent public
warehouse corporation under bona fide lease, the corporation assuming
exclusive control and management of such warehouse and operating it as a
public warehouse bonded and licensed under the United States Warehouse
Act. may be eligible for rediscount at a Federal Reserve bank, although
the owners of the cottonseed are permitted access to the seed in storage at
proper and reasonable times for the purpose only of inspecting the condition
of the seed, provided that on all such occasions the consent of the independent warehouse corporation Is first secured and that the owner of the seed
or his representative is accompanied by a proper representative of the warehouse corporation."
It should be understood that such acceptances must be of proper maturity and must in all other respects comply with the pertinent provisions of
the Federal Reserve Act and the Board's Regulation A. In addition, It Is
necessary that the cottonseed upon which such acceptances are based be
stored under such conditions as to protect it adequately from deterioration,
The Federal Reserve Board is informed that the Department of Agriculture is soon to issue a special regulation governing the storage of cottonseed
by warehouses licensed under the United States Warehouse Act. This
regulation, a tentative draft of which has been carefully considered at a
conference between representatives of the Department of Agriculture
and the Federal Reserve Hoard, will, It is believed, provide adequate safeguards. If the storage of cottonseed complies with this regulation, which is
to be promulgated by the Department of Agriculture, it will be deemed
by the Board a storage under such conditions as to protect the cottonseed
adequately from the deterioration within the meaning of this ruling.
The question whether bankers' acceptances are desirable from the credit
standpoint is, properly, a question for determination by the Federal Reserve
bank to which the paper is offered for rediscount rather than by the Federal
Reserve Board.
Federal Reserve Board Rules that Cottonseed Oil is
not an Agricultural Product Within Meaning
of Provision in Section 13 of Federal
Reserve Act.
In ruling that cottonseed oil cannot properly be deemed
an agricultural product within the meaning of the third
paragraph of Section 13 of the Federal Reserve Act, the
Federal Reserve Board in its December "Bulletin," says:
The Federal Reserve Board has recently been requested to rule upon the
question whether crude cottonseed oil is a "non-perishable, readily marketable,staple agricultural product" within the meaning of the third paragraph
of Section 13, which authorizes Federal Reserve banks to discount or
purchase sight drafts drawn to finance the domestic shipment of nonperishable, readily marketable, staple agricultural products.
After careful consideration of this question, the board is of the opinion
that cottonseed oil is essentially a product of manufacture and can not
properly be deemed an agricultural product within the meaning of the
third paragraph of Section 13.
Under date of March 19 1926. the Federal Reserve Board addressed a
letter to all Federal Reserve banks (X-4564) wherein it ruled that flour
and bran are essentially products Of manufacture and can not properly be
considereded agricultural products within the meaning of the abovementioned provision of Section 13 This ruling was based upon a decision
of the Supreme Court of Kansas in the case of Getty vs. C. R. Barnes
Milling Co.(19 Pad. 617), wherein it was squarely held that flour is not an
agricultural product,
Cottonseed oil is a product of some three or four steps of manufacture
which are analogous to the steps involved in the production of flour and
and branfrom wheat,and the Board feels thatthesame rule must necessarily
apply to cottonseed oil as to flour and bran.
Bankers' Acceptances Drawn to Finance the Storage of Cottonseed.
The Federal Reserve Board has been requested to rule upon the eligibility
for rediscount at Federal Reserve banks of bankers' acceptances drawn to
finance the storage of cottonseed under the following circumstances:
Certain cottonseed oil mills own warehouses which they propose to lease
to independent warehouse corporations under bona fide leases, the corporations to assume full control and management of such warehouses and
to operate them as public warehouses which will be bonded and licensed
under the United States Warehouse Act. It is proposed that such prime
seed as is received by the mills—that is, seed which is in such condition that
It may be safely stored for an indefinite period of time—will be stored by
the mills in these warehouses until it can be processed into various cotton..
seedproducts,and the mills desire to finance such storage by means of oankers' acceptances secured by warehouse receipts for such seed. The owners
of the cottonseed thus stored to have access to it at proper time for purposes
ofInspection.
The Federal Reserve Board has heretofore ruled that cottonseed, when
stored under proper conditions, Is a non-perishable, readily marketable
staple agricultural product within the meaning of the Federal Reserve Act
and the• Boards Regulation A. and that therefore a bankers' acceptance
secured by a warehouse receipt for cottonseed is eligible for rediscount at a
Federal Reserve bank, prey:Wed the cottonseed upon which the acceptance
is based is stored under such conditions as to protect it adequately from
Early Tax Reduction Called for By Chamber of Commerce
of the United States,
A demand for the early reduction of taxation equal to
the annual surplus produced under present law was declared on December 18 by the Board of Directors, meeting
in Washingon, to be the official position of the Chamber
of Commerce of the United States. With this was coupled
the further demand that a large portion of the surplus
should be applied to the reduction of the corporation income tax. By this declaration the National Chamber is
placed In the position of virtually taking issue with the
Treasury Department and the majority members of the
Ways and Means Committee of the House of Representatives, in asserting that tax reduction should be undertaken at once to the extent of removing the inequality
that bears most heavily upon corporate business. At the
3266
THE CHRONICLE
same time the warning was sounded that the corporation
1
2% on
tax rate will be automatically stepped up to 13/
January 1 and will apply to earnings of 1926, thus increasing the burden on business to raise still more revenue
in the face of a mounting surplus. This action of the
National Chamber is in conformity with its position on
the general question of taxation as outlined in a statement made by President O'Leary to President Coolidge.
In this necessity of reducing the corporation income tax,
and of repealing the estate tax and certain excise taxes
was strongly emphasized. The principles of federal taxation for which the Chamber stands have been determined
by. formal vote of its members throughout the country.
The propositions which the Board, therefore, now declare
In accord with these principles are:
Congress should make early provision for the reduction of taxation substantially equal to the annual surplus realizable under the
present law; the equitable distribution of the tax burden calls for
the application of a large portion of this surplus to the reduction
of the corporation income taxes.
2. There should be developed a systematic program of revenues and
expenditures for the national government to the end that these
may be substantially balanced.
I.
At the same meeting of the Board the Chamber's Committee on taxation reported unanimously that it believes
that' "for the present all payments made by foreign governments to the United States on account of both principal and interest of their debts should be applied to the
retirement of the national public debt. The report states:
Horizontal rebates or reductions in taxes, while always acceptable
to the recipients thereof, do not remove any inequalities which may
exist in the system. While practical conditions may not at present
permit an immediate general revision of the revenue law, no such
general revision will be necessary to bring into more equitable relation
with other taxes the levy which is now most out of line, namely the
corporate income tax, since this may be adjusted by the simple process
of changing the rate in the existing statute.
This calendar year at the rate of 13% on net profits, it is estimated
that the corporations will pay to the national government about $1,200,000,000 in income taxes. The estimated surplus for the fiscal year is
sufficient to permit of an immediate reduction to 10%. Next year, if
this particular provision of the revenue act is not changed, corporations
must pay at the rate of 13%% on income, thus further increasing
the present burden of taxation and paying into the Treasury still larger
sums which are not necessary to meet the current expenses of government. At the present time, the majority of those paying individual
income taxes pay at the minimum rate of 1%%, yet these numerous
taxpayers are assessed at the rate of 13% on all income received from
corporations in the form of dividends.
In 1924 the dividends reported by individual taxpayers paying on
$10,000 or less of income amounted to 925 million dollars. To pay
this tax required profits of $1,057,000,000 on which 132 millions in
corporation taxes were paid. The minimum tax on the same profits
had they been taxed to the same individuals would not have exceeded
18 millions, or 114 million dollars less than the corporations paid.
The characteristic American method of doing business is by means of
corporate organization. Since the corporations must earn and provide
a large proportion of individual income upon which the personal income
tax is based, the proper adjustment of the corporation tax is of essential importance. It is manifest that a burdensome levy on the sources
of production must inevitably discourage enterprise and business expansion and result in the curtailment of earnings.
The members of the Committee submitting the report
were:
Dr. T. S. Adams, Yale University; F. H. Clausen, President, The
Van Brunt Mfg. Co., Horicon, Wis.; John M. Crawford, President,
Parkersburg Rig & Reel Co,. Parkersburg, W. Va.; Frank C. Dillard,
Attorney, Sherman, Texas; William S. Elliott, Law Dept., International Harvester Co. Chicago, Ill.; W. G. Gephart, Vice President,
First National Bank, St. Louis, Mo.; Edward E. Gore, Smart, Gore &
Co., Chicago, Ill.; Mark Graves, Member of State Tax Commission,
Albany. N. Y.; William Fortune, War Memorial Building, Indianapolis, Ind.; C. C. Hieatt, President, Consolidated Realty Co., Louisville, Ky.; George 0. May, Price, Waterhouse & Co., New York City;
H. H. Rice, Asst. to the President, General Motors Corp., Detroit,
Mich.; Carroll J. Waddell, Drexel & Co., Philadelphia, Pa.
[VOL. 123.
certificates do not come within the above-mentioned provisions of Sections
13 and 16.
In the bill which subsequently became the World War Adjusted Compensation Act it was specifically provided that notes secured by adjusted service certificates should be eligible as collateral security for Federal Reserve
notes, but this provision was stricken out by a Senate amendment. It was
subsequently stated on the floor of the House that the provision was
stricken out so that notes secured by adjusted service certificates might
not be used as collateral for Federal Reserve notes.
Notes secured by adjusted service certificates and rediscounted by Federal Reserve banks, therefore, are not eligible for use as collateral security for Federal Reserve notes.
Figures of Brokers' Loans for Period from 1917 to 1926
Made Public by Federal Reserve Board.
Figures of brokers' loans placed by New York City banks
during the nine years from 1917 to 1926 have been made
available by the Federal Reserve Board in its November
"Bulletin" just issued. While the Board has during the
current year been giving out, weekly, the figures of broker?
loans since January, the reports prior thereto have remained
confidential until the present time. In presenting the figures
for the back years the Board says:
Brokers' Loans, 1917-1926.
During the period of war financing, when it became necessary for the
New York City banks to take concerted action to exercise some control over
the money market in order to prevent serious shortages of funds, there was
inaugurated a series of daily reports by the leading New York City banks
to the Federal Reserve Bank of New York, giving loans made by them to
brokers, and showing separately loans for their own account and for the
account of correspondents. These reports were made by the mutual consent of all the banks concerned, with the understanding that the data
would be held confidential.
These reports proved so useful that they have been continued up to the
present time with the co-operation of the large New York City banks.
At the time of the hearings before the Joint Congressional Commission of
Agricultural Inquiry the figures from the beginning of 1919 to the middle of
1921 were made available to Congress and were published in the hearings,
under the general designation of street loans, but otherwise they have remained confidential. The hearings also contain a more detailed explanation
of the nature of the reports and the circumstances surrounding their origin.
Following the inauguration by the Federal Reserve Board in January of
this year, as a part of its regular reporting service, of a series of weekly reports on loans to brokers and dealers in securities, the daily reporting New
York City banks have all consented to the publication of the brokers' loan
figures for previous years, and accordingly the figures for the whole period
for which they are available are published herewith, in order to make it
possible to study the movement of brokers'loans over a long period. These
back figures for brokers' loans are on a basis somewhat different from those
that have been reported weekly since the beginning of this year under the
heading of loans to brokers and dealers in securities. This fact is brought
out by the chart [This we omit--Ed.], which shows the course of brokers'
loans for about nine years and in which the-comparative levels in January
1926 are shown both for the old series and for the new one, the new series
being represented by the heavier line. The figures used from both series
are for Jan. 27, and the difference between the two series for this date is
shown by the following table:
Brokers' Loans, Jan. 27 1926.
Weekly
Confidential
Published
DifferDaily
Reports.
Figures.
ence.
$
5
For New York City banks:
1 185,000.000 1,201,000.000
16,000,000
Total loans to brokers
700,000,000
706,000,000
6,000,000
On call
485,000,000 495,000,000
10,000,000
On time
For correspondents:
1 685,000,000 1,897,000,000 212,000,000
Total loans to brokers
1,185,000,000 1,429,000,000 244,000,000
On call
• 500,000,000 468,000,000
On time
32,000,000
The weekly reports are part of the Board's regular reporting service and
include all the member banks in New York City which report their condition
weekly to the Federal Reserve bank; there were, on Jan. 6, 61 of these
banks, which compares with 43 banks, a few of which are non-member
banks, making confidential daily reports. The current weekly reports are
also somewhat more comprehensive as to the loans which they include,
largely because loans to dealers in securities, which were included by some
of the banks reporting confidentially, but not by all of thorn, are specifically
and uniformly included in all of the regular weekly reports. Loans for correspondents as covered by the confidential reports do not distinguish between loans for correspondent banks and for other correspondents.
The table gives the figures by weeks. The dates correspond with those
of the weekly condition statements for reporting member banks in leading
cities and are for Fridays until April 22 1921.and for Wednesdays thereafter.
Notes Secured by Adjusted Service Certificates Rediscounted by Federal Reserve Banks, Not Eligible
as Collateral Security for Federal Reserve Notes.
STREET LOANS PLACED BY NEW CITY DAILY REPORTING BANKS,
1917-1926.
From its December "Bulletin" we take the following rulan thousands of dollars.]
ing by the Federal Reserve Board:
The question has recently arisen whether notes secured by adjusted serLoa= on Call and on Time
Call Loans.
Time Loans.
vice certificates, issued under the provisions of the World War Adjusted
For
Compensation Act and rediscounted by Federal Reserve banks, may be 4
For
For
For
For
For
Corre••• Total.
Own
Total. Own
Corre- Total. Own Correused as collateral security for Federal Reserve notes.
Acct. :pond'is.
Acct. spond'ts.
Acct. 'panda
Section 502 of the World War Adjusted Compensation Act authorizes incorporated banks and trust companies to make loans on notes secured by
1917.
adjusted service certificates issued under the provisions of that Act. This October708,537 226,382 615,084476.015 139,069319,835232,522 87,313
section also makes such notes eligible for rediscount with Federal Reserve 11 934,919
928,932 700,785 228,147 614.774472,841 141,933314,158227,944 86,214
banks, but it does not contain any provision making them eligible for use 19 881,065 671,112 210,853 577,17 449,383 127,787304,79 221,729 83,066
as collateral security for Federal Reserve notes.
26 865,645 673,002 192,64 568,005455,119 112,886297,640217,883 79,757
°umberSuch notes could, therefore, be used as collateral security for Federal
2 835,529 671,471 164,058 550,521 460,395 90,126285,008211.076 73,932
Reserve notes only if they come within those provisions of Section 16 of
9 765,395 609,326 156,06 491,425405,845 85,580273,970203,481 70,489
the Federal Reserve Act which define generally the daises of paper which 16 761,663 614.759 146,904 501,501420,396 81,105260,162 194,363 65,799
may be used for this purpose. Under those provisions of Section 16 notes 23 725,578 570,168 155,41 480,982337,006 93,976244,596 183,162 61,434
which may be used as collateral security in this way are those acquired 30 746,741 599,464 147,277 508.822420,053 88,769237,919 179,411 58,508
December.1
under the provisions of Section 13 of the Federal Reserve Act. Section 502
7 719,005 577,339 141,66 501,09 413,811 87,286217,908 163,528 54,380
of the World War Adjusted Compensation Act does not purport to amend 14 697,947 571,995 125,952 499.002421,591 77,411 198,945 150,404 48,541
or become a part of Section 13 of the Federal Reserve Act, but is an en- 21 659,013 538,909 120,194 486.362404,836 81,526 172,651 134,073 38,578
tirely independent statute, and therefore notes secured by adjusted service 28 663,907 538,901 125,006 608.351417,24,91,111 155,556 121,66 33,895
DEC. 25 1926.]
VIT7 CHRONICLE
Loans on Call and on Time.
Total.
anuary4 632,937
11 599,315
18 526,962
25 473,438
Fe bruary-1 510,179
8 662,299
15 663,516
21 671,359
arch1 686,480
8 665,671
15 655,480
22 656,881
29 637,333
A prO5 648,100
12 629,235
19 629,687
26 618,517
013 636,194
10 665,544
17 669,891
24 693,979
31 689,116
Ju
7 678,772
14 722,438
21 714,554
28 682,436
Ju Y5 653,197
12 719,294
19 724,923
26 724,056
A ugust-2 722,666
9 741,811
16 738,811
23 742,303
30 755,450
Member6 769,203
13 773,341
20 755,370
27 775,419
Oc tober4 755,226
11 741,226
18 767,564
25 821,478
ovember1 782,407
8 791,482
15 770,293
22 749,378
29 731,589
ecember6 712,364
13 734,564
20 751,599
27 777,230
Ja nuary3 794,001
10 774,565
17 780,33
24 776,534
31 777,224
Fe bruary7 771,532
14 773,336
21 772,592
28 793,635
arch7 792,896
14 821,18
21 830.938
28 860,946
A pr114 860,068
11 900,108
18 944,866
25 967,737
ay2 996,32
9 1,022,41
16 1.062,32
1,107,66
9
3 1,146,992
./u m6 1,205,343
13 1,238.327
20 1,228.383
27 1,246,233
Ju
3 1,274,834
11 1,306.689
18 1,366,581
25 1,337,262
A tSQUst1 1,391,009
8 1,368,520
15 1,331,553
22 1,282,648
29 1,266.116
Se ptember5 1,290,743
12 1,292,343
19 1;301,042
26 1,313,024
OcSober3 1,355,011
10 1,376,689
17 1,417,293
24 1,451,336
31 1,511,175
(member7 1,518.266
14 1,422,896
21 1,368,114
28 1,359,847
ecember1,312,087
12 1,308,340
19 1,298,969
26 1,302,504
2
For
Own
And.
For
Conespend'ts.
Call Loans.
Total.
For
For
Own
CorreAcct. spend'is
Time Loans.
Total.
For
For
Own CentAcd. spond'ts
3267
Loans on Call and on Time.
Total.
For
Own
And.
For
Correspond'is
1918.
505,171
468.012
420,620
383,072
127,766
131,303
106,342
90,366
403,541
520,531
528,679
514,820
106,638 438,974 351,037
141,768 484,264 376,044
134,837 479,173 377,584
156,539 480,545 362,488
528,128
494,102
479.022
468,744
462.344
158,352
171,569
176.458
188.137
174,989
475,672
457,155
462,823
460.504
172,428 481,756 348,741
172,080 480,091 345,461
166,864 466,597 337,321
158,013 456,438 336,327
482,600
500,513
479,742
497,266
498,142
153,594 472,845 355,152
165,031 502,135 372,368
190,149 514,889 360,551
196,713 538,577 375,355
190,974 539.251 381,298
499,241
532,806
522,910
520,845
179,531 520,262 371,723
189,632 558,693 401,615
191,644 555,609 390,426
161,591 526,707 390,832
511,325
586,505
567,070
550,737
141,872
152,789
157,853
173,319
554,451
573,779
560,673
554,928
572,963
168.215 564,883 422,470
168,032 583,048 437,633
178,138 586.748 432,641
187,375 592,771 432,903
182,487 617,830 463,695
578,188
589.995
563.779
589,744
191,015 641,094 474,696
183,346 656,084 495,246
191,591 650,599 481,391
185,675 676,835 513,578
568,519
552,504
578,322
622,812
186,707 661,238 496,088
188,722 659.507 491,797
189,242 689,202 521.052
198,666 738,875 559,944
486,090 389,051
485,974 380,238
458,276 366,856
434,643 352,169
501,942 381,327
482,125 351,908
499,696 358,803
499,487 346,253
481,239 340.896
497,121 380,574
552,207 426,361
557,696 426.418
564,227 416,714
571,753 210,654 687,315 496,164
580,525 210,957 694,884 503.155
570,103 200,190 677,075 496,320
546,514 202,864 653,178 470,908
521,495 210,094 625,779 439,560
502,247
509.927
519,506
543,469
210,117
224,637
232,093
233,761
606,407 421,495
625,238 427,527
632,315 432.188
649,274 453,324
574,258 219,743
542,194 232,371
530,256 250,083
532,983 243,551
539,519 237,705
663,458 485,001
640,876 452,154
637,646 435,467
630,375 433,978
626,138 437,890
1919.
535,833 235,699 621,177 434,987
531,748 241,588 622,761 430,406
513,361 259,231 620,082 411,090
529,797 263,838 644;457 429.607
512,587
530,786
540,647
556,052
280,309 640,209 410.132
290,399 663,851 424,605
290,291 669,499 430,428
304,894 697,459 444,088
559,589
604,708
624,890
628,076
300.479
295,400
319.976
339,661
688,419 438.488
724,744 481,607
766,416 497,808
788,831 503,519
629,266
650,524
679,151
692,97
738,197
367,057
371,891
383,169
414,687
408,795
809,121 500.320
835,927 523,566
858,994 542,891
893,851 551,002
919,416 584,931
750,295
771.914
750.899
768,065
455,048 967,214 589,616
466,413 989,301 609,157
477,484 965,838 574,181
478,168 982,255 592,041
771,782 503,052 988,627 586,563
770,553 536,136 1.028,413 584,170
797,343 569,238 1.081,081 600,626
758,611 578,651 1,054,620 567,212
795,689
767,463
740,854
724,714
690,918
595,320 1,104,213 605,706
601,057 1,086,673 584.728
590,699 1,033,751 545,565
557,934 963,593 522,198
575,198 949,210 495,036
709.869 580,874
698,327 584,016
719,652 581,390
735,035 577,989
968,725 513,142
970,616 507,072
950,727 504,276
950,880 513,116
771,206 583,805 1.000,115 556,612
763,988 612,701 1,023,872 552,797
766,792 650,501 1,062,482 563,220
784,954 666,382 1,089,945 569,596
821,625 689,550 1,140,510 601,159
781,971
687,450
627,218
633,911
736,295 1,154,193 569,436
735,446 1,077,854 494,097
740,896 1,040,835 450,998
725,936 1,036,981 463,005
595,416 716,671 998.188 429,680
630,520 677,820 1,003,796 470,518
641,643 657,326 1,000,761 489,499
662,581 639,923 1,016,932 517,284
Ja nuary97,039 146,847 116,120 30,727 2 1,349,322
105,736 113,341 87,774 25,567 9 1,364,917
91,420 68,686 53,764 14,922 16 1,322,171
82,474 38,795 30,903 7,892 23 1,302,305
30 1,280,995
87,937 71,205 52,504 18,701 Fe bruary108,220 178,035 144,487 33,548 6 1,237.645
101,589 184,343 151,095 33,248 13 1,154,004
118,057 190,814 152,332 38,482 20 1,094,354
27 1,091,246
120,615 184,538 146,801 37,737
arch130,217 183,546 142,194 41,352 5 1,073,919
140,893 155,784 120,219 35,565 12 1,076,734
153,234 157,394 122.491 34,903 19 1,088,796
140,343 156,094 121,448 34,646 26 1,080,841
A prn133,015 166,344126,931 39,413 2 1,087.009
134,630 149,144 111,694 37,450 9 1,088,840
129,276 163,090 125,502 37,588 16 1,123.669
120,111 162,079 124,177 37,902 23 1,106.271
30 1,088,865
117,693 163,349 127,448 35,901
ay129,767 163,409 128,145 35,264 7 1,064,104
154,338 155,002 119,191 35,811 14 1,019,656
163,222 155,402 121,911 33,491 21 1,005,441
157,953 149,865 116,844 33,021 28 970.579
Jo ne148,539 158,510 127,518 30,992 4 944,834
157,078 163,745 131,191 32,554 11 931,039
165,183 158.945 132,484 26,461 18 952,067
135,875 155,729 130,013 25,716 25 944,160
Ju ly116,547 156,076 130,751 25,325 2 938,151
125,846 167,087 140,144 26,943 9 946,949
131,278 167,227 140,65 26,575 16 923,948
147,513 159,829 134,02 25,806 23 916.662
30 912,828
142,413 157,783 131,98 25,802 A ugust145,415 158,763 136,14 22.617 6 885,130
154,107 152,063 128,03 24,031 13 863,385
159,858 149,532 122,02 27,507 20 879,892
154,13 137,620 109,26 28.352 27 862.500
Se Member166,398 128,109 103,49 24,617 3 843,224
160,838 117,257 94,74 22,508 10 871,560
169,208 104,771 82,38 22,383 17 881,822
163,257 98,584 76,16 22,418 24 875,700
Oc ober165,150 93.988 72,43 21,557 1 895,344
167,710 81,719 60,70 21,012
924,495
168,150 78,362 57,27 21,092 15 973,074
178,93 82,603 62,86 19,735 22 949,088
29 952,854
191,15 95,092 75,58 19,503
ovember191,72 96,598 77,37 19,228 5 954,626
180,755 93,218 73,78 19,435 12 935,546
182,270 96,200 75,60 20,594 19 887,152
186,21 105,810 81,93 23,875 26 848,091
CCCW47-184,91 105,957 80,75 25,205 3 852,395
197,711 109,326 82,400 26,925 10 863,441
200,12 119,284 87,31 31,965 17 838,100
195,950 127,956 90,14 37,811 24 807,546
31 813,992
Ja
7 785,713
14 780,830
21 802,032
28 772,139
Fe bruary4 782,456
11 769,059
186,190 150,355 100,84 49,509 18 777,051
192,35 150,575 101.34 49,233 25 782.393
208,99 152,510 102,27 50,239 Al arch214,850 149,178 100,190 48,988 4 793,355
11 783,059
230,07 152.687 102.45 50,232 18 771,383
239,24 157,334 106.18 51,153 25 765,022
239,07 161,439 110,21 51,220 A prO253,37 163,487 111,96 51,523 1 757,061
8 751,643
249,93 171,649 121,10 50,548 15 744.158
243,13 175,364 123,101 52.263 22 746,729
268.60 178,450 127,082 51,368 27 758,525
285,31' 178,906 124,557 54,349
ay4 754,572
308,801 187.202 128,946 58.256 11 770,406
312,361 186.488 126,958 59,530 18 781,596
316,103 203,326 136,260 67,066 25 784.488
342,849 213,815 141,977 71,838 Ju no334,485 227,576 153,266 74,310 1 793,355
8 786,226
377,598 238,129 160,679 87,450 15 796,424
380.144 249,026 162,757 86,269 22 754,561
391,657 262.545 176.718 85,827 29 734,969
390.214 263,978 176,024 87,954 Ju
106 724,471
402,064 286.207 185,219 100,988 13 741,658
444,243 278.276 186,383 91,893 20 739,650
480,455 285,500 196,717 88,783 27 729,376
487,408 282,642 191,399 91,243 A usual3 747,224
498,507 286.796 189,983 96.813 10 739,352
501,945 281.847 182,735 99,112 17 722,679
488,186 297.802 195,289 102,513 24 699.835
441,395 319,055 202,516 116,539 31 686.654
454.874 316,206 195,882 120,324 September7 680,448
455,583 322,018 196,727 125,291 14 721,673
463,544 321,727 191,255 130,472 21 739,425
446.451 350,315
28 752.214
437.764 362,144 221,919 140,225 October5 770,015
443,503 354,896 214,594 140,302 11
471,075 352,817 211,191 141.626 12 I 768,402
499,262 354.811 203,572 151,239 19 776,094
520,349 361,391 215,358 146.033 26 775,193
539,351 370,665 220.466 150,199 November2 802,948
584.783 364,047 212,535 151,512 9 821,887
583,757 345,042 193,353 151,689 16 832.105
589,837 327,279
•
23 848.418
573,976 322,866 170,906 151.960 30 848.549
15 ecember568,508 313.899 165.736 148,163 7 831,820
533,278 304.544 160,002 144,542 14 884,036
511,262 298,208 152,144 146.064 21 901,269
499,648 285,572 145,297 140,275 28 898,541
178,45
188,72
202,17
196,39
188,24
130,543 89.25
133,689 90,040
142,693 94,78
146,159 99,00
151,086 101,62
41,286
43.649
47,904
47,154
49,457
Call Loans.
Total.
For
Own
And.
Time Loans.
For
Corm- Total.
Pond'is.
For
For
CorreOwn
Acd. spond'is
1920.
714,756
694.443
640,590
624,520
606,367
634,566 1,069,180 575,434
670,474 1,084,435 557,141
681,581 1,037,150 504,785
677,785 1,034,148 502.950
674,628 1.031,634 496,369
493,746 280,142 139,822 140,820
527,294 280,482 137.302 143,180
532,365 285,021 135.805 149,216
531,198 268,157 121,570 146,587
535,265 249,861 109,998 139,363
556,322
484,171
444,435
442,461
681,323
669,833
649,919
648,785
998,260 454,000
921,189 387,676
875,019 354,618
877,659 355,704
544,260 239,385 102,322 137,063
533,513 232,815 96.495 136,320
520,401 219,335 89,817 129,518
521,955 213,587 86,757 126,830
435.811
450,993
452.001
459,019
638,108
625,741
636,795
621,822
862.849 347,756
879,199 369,691
889,219 370,038
891,625 384,632
515,093 211,070
509,508 197,535
519,181 199,577
506,993 189.216
475,442
441,648
491,943
468,848
484,963
611.567
627,192
631,726
637,423
603,902
902,370 404,520 497,850 184,639 70,922 113,717
903,098 387,637 515,461 185,742 74,011 111,731
934,819 413,265 521,554 188,850 78,678 110,172
922,495 392.531 529,964 183,776 76,317 107,459
906,147 409,136 497,011 182,718 75,827 106,891
88,055 123,015
81,302 116.233
81,963 117,614
74,387 114,829
451,120 612,984 886,708 379.228 507,480 177,396
424,317 595,339 837,027 345,432 491,595 182,629
422,889 582,552 839,527 345,888 493,639 165,914
420,932 549,647 806,482 342,930 463,552 164,097
71,892 105,504
78,885 103,744
77.001 88.913
78,002 86.095
419,756
412.89
429,518
437.69
525,078
518,140
522,549
506,467
82,398
80,491
76,693
73,997
436,978
419,020
404,41
386,57
379,26
501,173 795,023 365,889 429,134 143,128 71,089 72,039
527,929 816,001 356,937 459,064 130,948 62,083 68,865
519,536 798,169 344,828 453,341 125,779 59,584 66,195
530,085 796,563 330,896 465,667 120,099 55.681 64.418
533,568
467,696 117,100 51,228 65.872
354,610 530,470
337,922 525,463
346,633 533,259
348,993 513,507
329,419
344,389
341,276
346,408
513,80
527.17
540,546
529,29
779,299 337,358 441,941 165,535
769,234 332,408 436,826 161.805
798,565 362,825 445.740 153,502
795,839 363,696 432,143 148,321
83,137
81,314
76.809
74,324
768,335 304,027 464,308 116,795 50,633 66.162
748,426 287,539 460,887 114,959 50,383 64,576
763,322 296,721 466,601 116,570 49,912 66,658
747,845 298,659 449,186 114,655 50,334 64,321
49.559
48,554
50,177
50.021
62,941
63,256
64,272
64,300
373,302 522,04
390,412 534,08
437,206 535,86
400,078 549,01
393,850 559,00
781,695 322,247 459,448 113,649 51,055
813,525 341,726 471,799 110,970 48,686
861,252 386,515 474,737 111,822 50,691
839,461 351,642 487,819 109,627 48,436
843.102 343,951 499,151 109,752 49,899
62,594
62,284
61,131
61,191
59,853
380,703
346,143
326.277
326,451
847,251 333,864 513,387 107,375 46,839
826,003 300,176 525,827 109,543 45,967
778,454 381,187 497,267 108,698 45,090
739,317 278.769 460,548 108,774 47,682
60.536
63.576
63,608
61,092
337,987 514,40
346.741 516,700
352,146 485,95
365.928 441,61
387,228 426,76
742,236 288.525 453,711 110,15 49,46
753,488 298,038 455,450 109,95 48,70
730,330 303,895 426,43 107,770 48,25
705,135 319,412 385,723 102,41 46,51
709,620 336.980 372,640 104,37 50,24
60.697
61,250
59,519
55,895
54,124
346.098 439.61
335.606 445,22
356,992 445,04
340,656 431,48
1921.
686.435 295,655 390,780 99,278
674.596 278,269 396,327 106.234
698,621 302,008 396,613 103,411
672,145 288,570 383,575 99.994
50,44
57.33
54,984
52,086
48,835
48.897
48,427
47,908
344,420
312.710
313.143
331,555
682,826 292,894 389,932 99,630
671,523 260,930 410,593 97,536
683,949 263,078 420,871 93,10
688,462 281,403 407,059 93,93
51,526
51,780
50,06
50,152
48,104
45,756
43,037
43,779
334,583 458,77
319,197 463,86'
312,352 459,03
313,957 451,06
692,772 276,804 415,968 100,583 57,779
689,064 266,516 422,548 93,99 52,68
676,925 258,436 418,489 94,458 53,916
669.899 258,901 410,998 95,12 55,056
42,804
41,314
40,542
40.067
320,714
325,920
317,086
307,428
307,947
436,34
425,72
427,07
439.30
450,57
663,823 266,583 397,240
657,312 271,005 386,30
657.505 269,059 388,446
658,400 259,640 398,760
669,296 260.039 409,26
307,531
309,338
320,831
328,385
447.04
666,309 261,975
461,06
682,182 263,662
460,765 693,782 274,878
456,103 698,029 282,667
358,471
313,602
338,666
331,869
348,709
573,92
589,40
560,87
521,64
438.03
456,34
463,90
450.83
730,724 279,860
759,750 295,835
767,373 291,099
761,379 296,387
450,864 112,500
463,915 111,810
476,274 114,449
464,992 114,321
93,23
94,33
86,65
88,329
89,22
54,13
54,915
48,02
47,788
47.90
39,107
39,416
38,626
40,541
41,321
404,33
418,52
418.90
415,36
88,26
88,22
87,81
86.45
45,55
45,67
45,95
45.71
42,707
42,548
41.861
40,741
434,884 707.640 313,489 394,15
472,624 701,065 268,770 432,29
457,758 712,660 293,589 419,07
422,692 670,552 285.192 385,36
395,260 657,477 298,788 358,68
85.71
85,16
83,76
84,00
86,49
44,98
44,83
45,07
46,67
49,92
40,733
40,329
38,687
37,332
36,571
88.82
95.18
93.09
96,49
52,54
57,91
57.03
59,77
36.288
37,278
36.063
36,723
102,49
102,48
105,52.
110,42
111,73
64,91
63,73
66,41
69,82
72.40
37.580
38,746
39,112
40.605
39,335
73,21
79.29
81.96
81,44
38,558
39.265
40,397
40,356
339,683 384,788 635,642 287,142 348,500
332.894 408,764 646,469 274,983 371,48
346,277 393,373 646,553 289,243 357,31
333,653 395,723 632,879 273,879 359,000
381,668
358,188
342,644
327,028
333,182
365,556
381,164
380,035
372,807
353,472
644,727 316.751
636,867 294,449
617,154 276,231
589,410 257,208
574,917 260,780
327,97
342,41
340,92
332,20
314,13
314,113 366,335 568,680 240,903 327,77 111,76
352,095 369,578 603,115 272.802 330,31 118,55
363.761 375.664 617,060 281,793 335,26 122,36
370,802 381,412 630,412 289,356 341,056 121,80
393,559
376,456
640,930 305,390
335,540 129,08
88,16
40,916
401,927
417,106
403,638
366,475 640,215 313,709
358,988 647,219 329,179
371,555 648,967 316,576
326,506 128,18
318,040 128,87
332,39 126,22
88,21
87,92
87,06
39,969
40.948
39,164
409,180 393,768
420,707 401,180
429,787 402,318
445,853 402.565
463,266 385,283
672,366 318,888
691,156 329.390
699,635 336,417
708,427 344,222
709,913 360.989
353,478 130,582 90,29
361,766 130,73 91,31
363,218 132,470 93,370
364,205 139,991 101.63
339,924 147,636 102,277
40,290
39,414
39,100
38.360
45,359
442,132 389,688
489,505 394,531
508,316 392.953
494,420 404,121
681,934 339,030
733,136 384,204
747,482 400,248
744,339 385,243
342,904 149,886 103,10
348,932 150,900 105,30
347,234 153,787 108,06
359,096 154,202 109,17
46,784
45,599
45,719
45,025
Call Loans.
Loans on Call and on Time
4O
Total.
[VOL. 123.
THE CHRONICLE
3268
For
Own
Acct.
For
Conespend'ts.
./a swam4 945,123 547,245
11 952,914 634,479
18 957,273 538,011
25 969.247 510.217
F bruary1 974.211 551,286
8 1,008,998 516,521
15 1,016,688 519,636
21 987,129 484,039
M arch1 996,623 521,512
8 1,016,470 487,942
15 1.055,640 543,153
22 1.033,796 557,510
291.039,356 576,455
A ?mil5 1,074,730 611,769
12 1,098,375 583,727
191.173,848 660,249
26 1,227,903 680,914
M ay3 1,250,102 693,150
10 1,270,067 718,242
17 1.326,700 773,538
24 1,348,117 774,846
31 1.362,711 789,49:
June-7 1,435.883 810,011
14 1,440,658 824,487
21 1.411,026 867,29
281.328,239 789,195
At Y5 1,371.820 847,400
12 1.399,911 805,393
19 1,408,942 792,511
20 1,403,267 772,734
A uausi2 1,424,055 820,471
9 1,417,399 780,466
151.443,427 800,769
23 1,412,365 767,608
30 1,339,420 761.573
.4 ?Member6 1.426,544 785,811
13 1,480,845 811,112
20 1,492.334 853.712
27 1,495.623 847,749
October4 1,520,422 853,855
11 1.547,496 818.932
18 1,644.508 910,809
251.632.391 878,735
(member11.600.002883,75*
8 1,570.763 849,282
15 1.540,013 796.160
22 1,507,270 770,077
29 1,505,718 783.55
D ecember8 1,471,502 740.399
13 1,458.175 730,340
20 1,471.983 792,500
27 1,489,190 817,807
January3 1,589,474 937,851
10 1,552,071 815,280
17 1,613.471 818,045
24 1,555,901 763.883
31 1,549,202 798.917
Fe bruary71,578.700 774,389
141,609.101 807,873
21 1,820,063 818,457
28 1,657,242 864,710
March71,624,021813,182
14 1,643,420 799,856
21 1,651.144 837,699
28 1,623,030 812,901
A pal4 1.668,981 862.623
111.617,603776,453
18 1,615,083 767,795
251.643.272805,785
if ay2 1,695,567 864,538
91.631.114 809,624
18 1,601,827 787,450
231,552,313 784,701
29 1,535,485 779,419
As ne- .
6 1,510,734 754,569
13 1,492,204 750,120
20 1,476,620 745,606
27 1.440.174 758.955
Atly5 1.373.326 741,351
111.353.455 710,360
18 1,318,968 658,830
25 1,305,834 636,63
A !vast1 1,273,104 619,371
81.242.702 557,887
15 1,225.347 560,383
22 1.105,057 534,020
29 1,104,087 555,228
Se Member51.202.279552,438
12 1.217,703 583.457
19 1.237.728 669,766
26 1.195.677 557.856
October31.208.338 574,66
10 1,198.260 531,951
17 1,188,850 535,832
24 1,169,723 537,343
311.163,662552,506
N member71,130,159498,96
14 1,161.840 521,608
211,173.252 544.285
28 1,168,942 550.86
D ecember5 1,181,246 554.606
12 1,195,114 552,291
19 1,217.605 577.63.
26 1,217,231 597,35.
Total.
Time Loans.
For
For
Corre- Total.
Own
Acct. 'Pond'Is.
For
Own
Acct.
.j
For
Cone- zi
ponerts CI
Loans on Call and on Time.
Total.
For
Own
Aca.
For
Cortepond'ts.
Call Loans.
Total,
For
For
Own
ConeAcct. spond'Is
Time Loans.
Total.
For
For
Own ConeAcct. spond'Is
1924.
1922.
Ja nuary789,582 433,512 356.050 155,561 113,733 41,828 2 1.332,509 712,307 620,202 1,010,784 510,456 500.328 321,725 201,851 119,874
781,157405,460 375,697 171,757 129,019 42,738 91,315,195 649,377 665,818 976,463438.436 540,027 338,732 212,941 125,791
777,764 403,140 374,624 179,509 134,871 44,638 16 1,343,400 650,556 692,844 999.438 430,538 568.900 343,962 220,018 123,944
791,762 377,727 414,035 177,485 132,490 44.995 23 1,368,897 652,841 716,056 1,023,306 430,351 592,955 345,591 222,490 123,101
30 1,389,849 678,891 710,758 1,043.101 454,949 588,152 346,548 223,942 122,606
422,925 801,121 422.005 379,116 173,090 129,281 43,809 Fe bruary492,477 836,132 387,768 448,364 172,866 128,753 44,113 6 1,397,879 658,938 738,941 1,044,191 432,030 612,161 353,688 226,908 126,780
497,052 845,747393,583 452,164 170,941 126,053 44,888 13 1,409,408 650,079 759,329 1,052,118419,686 632,432 357,290 230,393 126,897
503,090 813.585 355,583 458,002 173,544 128,456 45,088 20 1,397,673 654,926 742.747 1,038,552 425,347 613.205 359.121 229,579 129,542
27 1,350.588 607,633 742,955 989,222 373.243 615,979 361,366 234,390 126,976
475,111 821,179 394,538 426,641 175,544 126,974 48,470 March5 1,395.470 665,835 729,635 1.034,734 433.759 600,975 360,736 232,076 128,660
47,942
132,815
528,528 835,713 355,127 480.586 180,757
512,487 861,887 398,072 463,815 193,753 145,0131 48,672 12 1,417,885 673,754 744,131 1.048,439 436.580 611,859 369,446 237,174 132,272
1,446,525 736,110 710,415 1,067.288 488.063 579,225 379,237 248,047 131,190
19
50,078
165,166
215,244
426,208
476,286 818.552 392,344
462,901 803,228398,490 404,738 236.128 177,965 58,163 261.404,642705,976 698,666 1.011,584 448,365 563.219 393.058 257,611 135,447
April462,961 831,592 427,182 404,410 243,138 184,587 58,551 2 1,387,456 704,870 682.586 998,466 446,897 551,569 388,990 257.973 131,017
514,648 836,249 384,037 452,212 262,126 199,690 62,436 9 1,388,839 851,277 737.562 1,008.004403,993 604,011 380,835247.284 133,551
513,599 888.897 436,960 451.937 284,951 223,289 61.662 161.391.608644,715 746,893 1,025,405 404,420 620,985 366,203 240,295 125,908
546,989 919,324 438.822 480.502 308,579 242,092 66.487 23 1,424.651 670,870 753,781 1,054,782 433,528 621,254 369,869 237,342 132,527
30 1.476,853 729,485 747,368 1.099,464 486,823 612,641 377,389 242,662 134,727
556,952 928,592 433,821 494,771 321,510 259,329 62,181 May7 1.422.012 676,188 745,824 1,044,461 432,403 612,058 377,551 243.785 133,766
64,123
277,427
341,550
551,825 928.517 440,815 487,702
1,017,108 400.511 616,597 382,735 245,484 137,251
553,162 976.164490.375485,789 350,536 283,163 67,373 14 1,399.843 645,995 753.848
1,373,654 670,207 703,447 995,587 422,150 573,437 378.067 248,057 130,010
21
78,854
301,577
380.431
494.417
473,269
967,686
573,271
669,849
695,471
981,577 414,967 566.610 383,743 254,882 128,861
1,365,320
28
78,188
304,212
382,400
573,213 980,311 485,286 495,025
Ju ne993,528 433.976 559,552 385.455 259,887 125,588
685,120
693,863
1.378.983
4
82,349
304,660
625,873 1.048.874505,350 543,524 387,009
616,171 1.033.354505.507 527,847 407,304 318,980 88,324 111.484.729 791,527 663,202 1,044,822 512.333 532,489 409,907 279,194 130,713
1,077,616
649,045
555,248 522.368 402,012 275,335 126,677
1.479.628
830,583
18
79,412
320,728
400,140
543,731 1.010.886546,567464,319
608,793 1,065.339 579,371 485,968 412,775 289,950 122,825
539,044 916,427 483,349 453,078 411,812 325,846 85,966 251.478.114 869,321
Ju ly2 1.465,218 875,036 590,182 1,046.176 570.367 475,809 419,042 304,669 114,373
524,420 974.696 532,849 441,847 397,124 314,551 82,573 91.527.481869,350
658,131 1,120.698 566,588 554,110 406,783 302.762 104,021
594,518 1.006,763 494,968 511.795 393,148 310,425 82,723
1.553,615 909,674 643,941 1.136,174590.078 540,096 417,441 313,596 103,845
16
94,330
616,431 1.000.748478.647 522,101 408,194 313,864
1,140,235
521,459 431,539 330,429 101,110
630,533 994,489 462,595 531,893 408.778 310,138 98,640 231,571.774 949.205 622,569 1,134,279 618,776
637,537 496,742 457,141 342,260 114,881
30 1,591.420 979,797 611,623
603,584 1,003,900 499,644 504,256 420,155 320,827 99,328 A ugust635,430 501,020 463,29( 351,274 112,022
636.933 995,611 461.891 533,720 421,788 318,575 103,213 61,600.646986,704 613,942 1,137.350
1,185,550 664,079 521,471 463,881 353,719 110,162
642,65: 1.013.068 476,421 536,647 430.359 324,348 106,011 131.649.4311,017.798631,633 1,210,650 684,060 526.500470,181
638,824
1,042,007
1.680,831
20
357,947 112.234
109,021
330,390
439,411
535,738
437,216
844.759 972.954
1,192.336 661,705 530,631 472,397 354.257 118,140
627,847 955.401 434.989 520,412 434.019 326,584 107,435 27 1.664.733 1.015,962 648,771
Se plember1.190,880 645.352 545,528475,484
120,664
640,733 992,158459.480532,678 434,386 326,33 108,055 31,666.3641,000,182666,182 1,197,231 623,646 573,585 479,990 .354.830
360,914
669,733 1,049,079 493.039 556,040 431,766 318,073 113,693 10 1.677,227 984.560 692,667 1,199,390 647.822 551,568 494,911 369.212 119,082
677,266
125,698
1,017,034
1,894.300
17
433,609
119,869
313,740
638.622 1.058,725 539.972 518,753
540,405
681,365
372,357
1,221,770
493,615
121,258
647,874 1.057,707 528.343 529,364 437,916 319,406 118,510 24 1,715,385 1,053.722 661,663
October1,223,508 684,436 539,072 494,390 373,656 120,734
666,567 1,072,556 529.967 542,589 447,866 323,88 123.978 11.717.8981,058,092 659,806
497,438 376,102 121,336
728,564 1,096,899 499,953 596,946 450,597 318,979 131,618 8 1,675,156 950,113 725,043 1,177,718 574,011 603,707 498,895
121,471
733,699 1,196.545 595.277 601,268 447.963 315.532 132,431 15 1,665,167 921,425 743,742 1,166,272 544,001 622.271 498,366 :377,424
123,460
753.656 1.158.275542.887 615,388 474,116 335.848 138,268 22 1,712.068 976,910 735,158 1,213.702 602,004 611.698 496,065 374,906
373.736 122,329
291.653,728908,796 744,932 1,157.663 535,060 622,603
717.152 1,120,751 546.752 573,999 480,151 336,908 143,153 November375,635 123,437
721,501 1.076.714500.458 576,256 494,049 348,804 145,245 5 1.628.643 925,806 702,837 1,129,571 550,171 579,400 499.072
133,582
743,853 1,052,739 455.479 597.260 487,274 340,681 146,593 12 1.727,576 1,016,221 711,355 1,204,247 626,474 577,773 523.329 389,747
395,237 144,502
539.739
582.859
1,175,309612.450
707,361
1,007,687
1,715,048
19
147,220
338.612
485,832
589,973
737,193 1,021,438 431,465
722,159 1,012,838 438,109 574,729 492,880 345.450 147,430 26 1.754,5211,021,820 732,701 1,206,862 622,033 584,829 547,659 399,787 147.872
D camber397,099 153,780
731,103 983,201 398,514 584,687 488,301 341,885 146,416 3 1,779,003 1,004,717 775.186 1,229,016 607,818 621,398 550,887
10 1.856.737 1,062,596 794,141 1.292,613 660,635 631,978 564,124 401,961 162,162
146,889
482,471
335,58'
580.946
727.835 975,704 394.758
405,700 163,154
568,854
635,604
661,392
1,296,996
798,758
679,463 991,231 460,147 531,084 480,732 332.353 148,379 17 1.865.850 1,067,092
612,719 568,723 400,242 168,481
671,392 1.009,617 490,385 519,232 479,582 327,422 152,160 24 1,880,440 1,099,240 781,200 1,311,717 608,998 622,104 567,503 396,606
170,897
311.931,5381,138,537 793,001 1,364,035 741,931
1923.
1925.
Jo nuary592,823 415,942 176,881
651.623 1.100.133 605,534 494,599 489,341 332.317 157,024 7 1,980,598 1.142,497 838,101 1,387,775 726,555 661,220
428,504 179,861
736,791 1,050,813 475.564 575,249 501,258 339.716 161,542 14 2,016,115 1,073,705 942,410 1,407,750 645,201 762,549 608,365
636,956
778,402
629,853
440,070 196,880
1,408,255
2,045,211
975.288
1.069,923
21
162,727
795,426 1,112,039 479,340 632,699 501,432 338,70
792,018 1,064.071 436,040 628,031 491,830 327.843 163,987 282.044.4011.059,653 984,738 1,397,340 614,353 782,987 647.061 415.310 201,751
750,285 1,065,973 476,342 589,631 483,229 322,575 160,654 Fe bruary42,073,7411,078,742 994.009 1,415,500625,340 790,160 658,232 453,393 204,834
804,407 1,111,039 460,030 651,009 467,757 314,350 153,398 11 2,081,923 1,029,057 1.052.866 1,421,802 580,885 840,917 660,121 448,172 211,940
582,535 849,493 665,198 450,199 214,994
801,228 1,160.804 507,028 653,776 448,297 300,845 147,452 18 2,097.226 1,032,731 1.064.492 1,432,028
801,606 1,178,049 526,254 651,795 442,014 202,203 149,811 25 2,089,624 1,048,881 1.040.743 1,422,488 600,074 822,414 667,136 448,807 218,321
141,391
205.549
M arch792,532 1,220,302 569,161 651,141 436,940
42,113,523 1,041,897 1,071,62 1.445,504 588,503 857,001 668,019 453,394 214,621
926,920 664,485 443,911 220,574
811,739 1,180,388 510,602 669,786 444,533 302,580 141,953 112.123,817 976,323 1,147,494 1,459,332 532,412
843,564 1,203,648503.077 700,571 439.772 296,779 142,993 182.160,8511,019,848 1,141,005 1.492,776 578,905 913,871 668,075 440,941 227,134
1,440,933541.816
859,317
675,162 441,138 234,024
1.093.341
982,754
252.076.005
136,020
239,057
425,077
813,415 1,226,067 548,642 677,425
810.137 1.192,279 522,592 669,687 430.759 290,30 140,450 A pril1 2,062,765 1,032.117 1,030,648 1,385,314 593.766 791,548 677,451 438,351 239,100
853,782 677,115 428,766 248,340
1,102,131 1,373,060
804.358 1.242.723 577,612 665,111 424,258 285,011 139,247 82.050.175 948,044 1.088,97 1,370,944 519,278
534,173 836.771 678,314 426,107 252,201
841.150 1,187,744 490,521 697.223 429,859 285,932 143,927 15 2,049,258 960.280
2,060,719 994,278 1,066,441 1,381,569 559,557 822,012 679,150 434,721 244,421
847,288 1,187,750483.099 704,651 427.333 284.698 142,637 22 2,129,870
1,054,171 1.075,699 1,448.407 617,427 830.980 681,483 436,744 244,711
837,487 1,208,136 524,517 683,619 435,136 281.268 153,868 29
M ay1,025,601 1,116,712 1.478.065 598 702 877,363 666,240 426,899 239,341
831,029 1,262,600 580.375 682,225 432,967 284,163 148,804 62,142,313
1,146,993 1,477,476 572,078 905.398 663,035 421,440 241,591
821,490 1.195,273 522,892 672,381 435,841 288.732 149,109 13 2,140,511 993,518
994.836 1,168,646 1,490,201 564,792 925,409 673.281 430.044243,23.3
814.377 1,166,038 497,958 668,080 435,789 289,492 146,297 20 2,163.482 1,023,735
1,144,919 1,489,681 587,614 902,067 678,973 436,121 242,851
144,558
272.168,654
303,171
447,729
623,054
481,530
767,612 1,104,584
ne_
756,070 1,082,591 475,117 607,474 452,898 304.302 148,596 j1
32.229.285 1.049.985 1.179,300 1,549,220 610,840 938,380 680.065 439,145 240,921
148,254 102.239,870 1,014,404 1,225,266
756,165 1,055,766 445.855 609,911 454,969 308.714 142,589 17 2,260.416 1,027,341 5.223,075 1,553.994 569,471 984,523 685,676 444,933 240,74:
1,552,224 575.410 976,814 698,192 451,931 246,261
742,084 1,039,886 440,391 599,495 452,318 309,729 136,700 24 2,237,384 1,062,787
306,585
1,174,597 1.535.101 610,475 924,626 702,283 452,312 249,971
443,285
731,014 1,033,335 439,021 594,314
131,051
681,219 1.009,295450.127 550,168 430,879 299,828
1 2,292,579 1,157,288 1,135,291 1.575,096 889,296 885,800 717,483 467,992 249,491
8 2,291.932 1,082,246 1,209,686 1,587,728 626,320 961,408 704,204 455,926 248,270
631,975 948,061 441,488 506,573 425,265 299.863 125.402 152.207.023
1,034,735 1,262.288 1,582,101 581,703 1,000,398 714.922 453,032 261,89(
115.951
296.944
412,895
643,095 940,560 413,416 527,144
660,136 912,981 370,636 542.315 405,985 288,191 117,791 22 2,269,005 1,007,474 1,261,531 1,550,645 558,031 992,614 718.360 449,443 268,911
1,031,033 1,256,240 1.547,989 571,090 975,999 739.284 459,043 280,241
2,287,273
29
108,981
283,851
392,832
560,218
669,199 913,002 352,784
A ugust1,001,132
52,289,652
1,268,520 1.506.768535,207 971,559 762,886 465,925 296,961
107,966
274,521
382,487
653,733 890,617 344,850 545,767
108,401 12 2,309,098 900.2551,318,843 1.545,901521.269 1,023,732 764,097 468,986 295,111
684,905 870,176 293,672 576,504 372,818 264,215
986,738
2,331,120
19
1,344,382 1.556,045 516,639 1,039,406 775,075 470,099 304,971
104,488
251.375
355,863
560,496
308,988
664,984 869,484
262.305,730 992,691 1,313,039 1,533.002531,179 1,001,823 772,728 461,512 311,211
661,937 861,339 298,863 562,476 334,618 235,157 99,461
98,995 Se ptember639,759 871,255 330,491 540,764 323,732 224,737
22,330.073 1,904,0811.326,012 1,557,959547.004 1,010,955 772,114 457,057 315,051
649,841 892,915 345,277 547,638 309.364 207,161 102,203 02.203,449 955,341 1,338,108 1,526,276 507,421 1,018,855 767.173 447,920 319,25:
16
103,672
199,964
2,364,261 954,004 1,410,257 1.612,081 527,886 1.084,195 752.180 426,118 326,06:
654,246 914,067 363,493 500,574303.636
971.260 1,421,965 1,632,346 555,755 1,076,591 760,879 415,505 345,37,
667,962 928,489 371,639 556,830 309,259 198,127 111,132 23 2,393,225
30 2,466,628 1,052,602 1,414,026 1.697,832 638,421 1,059,411 768,796 414,181 354,611
115,658
196,398
522.163312.054
361.460
637,821 883,623
October633,671 913,741 394,205 519,536 294,597 180,462 114,135 72.472,699 981,244 1,491,455 1,711,075 575,604 1,135,471 761,624 405,640 355,98,
666,309 893,223 343,483 549.740 305,037 188,468 116,569 14 2,518,476 984,806 1,533,670 1,755,046 579,882 1,175,164 763,430 404,924 358,501
653,018 877,046 343,109 533,937 311,804 192,723 119,081 21 2,580,848 1,012,188 1,568,660 1,786,847 590,409 1,196,438 794,001 421,779 372,221
190,382 121,827 252.820,243 1,046,434 1,582,809 1,823,879 622,841 1,201,038 805,364 423,593 381,77
632,380 857,514 346,961 510,553 312,209
ember611,156 854.272361,005 493,267 309,390 191,501 117,889 N„
42.890,782 1.083,946 1,606,836 1,876,349 661,992 1.214,357 814,433 421,954 392,471
840,561 421,429 419,141
631,204 831,918 316,620 515,298 298,251 182.345115,900 11 2,742,956 1,048,359 1,694.597 1,902,387 626,930 1,275,457 853,190 421,399
431,791
640.232 839,632 324,495 515.137 322.208 197,113 125,095 18 2.743.862 1.067,871 1,675,991 1,800,664646,4721,244,192 872,050 431.200440,851
628,967 844,939 345,171 499,768 328,313 199,114 129,199 25 2,691,297 1,056,731 1,634,566 1,819,239 625,531 1,193,708
127,029
201.195
328,224
491,048
D
ecember618,077 840,718 349.670
22,700,247 1.055,741 1,653,506 1,834,062 620.038 1,205.024 875,185 426,703 448,48'
877,841 422,662 455,181
626,840 858,092 348,111 509.981 323,154 206,495 116.659 02,738,713 1,060,715 1.677.998 1,860,865 638.053 1,222.812 896,523
432,726463,79
642,823 877,012349.843 527.169 318.102 202,448 115,654 18 2.797,687 1.104,958 1.692.729 1.001,184872.2321,228.932 909,410 438.909472.50
639,966 895,870 374,956 520,914 321,735 202,683 119,052 23 2,845.733 1.199,052 1,646,681 1,936,315 782.143 1.174,172 904,633 435,166
1.097,252
469,46
906,175
1,341,341
1,566,719
117,677
2,003,427
302.908,060
203,552
619,876 806,002393,803 502,199 321,229
397,878
418,435
419,282
459,031
THE CHRONICLE
DEC. 25 1926.]
Call Loans.
Loans on OW and on Time
Total.
For
For
CormOwn
Am!. spond'is
Total.
Time Loans.
For
For
Corse- Total.
Own
Acct. sponel•Ss.
For
For
Own CormAcct. spondls
1926.
Jo nuars43 2,907,651 1,285,303 1,622,248 1,983.776835,264 1,148,512923,8751450,039 472,836
132,899,414 1,219,464 1,679,950 1,953,409 761,740 1,191,669 946,005457,724 488,281
202,887,760 1,195,395 1,092,3651,926,788 723,219 1,203,569 960,972 472,176 488,796
272,869,740 1,184,352 1,985,388 1,885,108699,815 1,185,293984,632 484,527 500,095
3269
complete when the gates were thrown open to the public on
May 31, many of the concessionaires asserted that they had
lost large sums because of this and urged the directors to
reopen and give them an opportunity to recoup their losses.
Associated Press advices Nov. 19 also said:
The exposition has been a financial failure and the directors pointed out
that financial aid from the Federal Government would have to be forth.
coming in order to reopen in 1927.
With the official closing of the exposition the Associated
accounts from Philadelphia on Nov. 30 stated:
Press
Des Moines Banks Refuse to Make Loans on Veterans
Viewed purely as a celebration of a great event in American history, the
Insurance Certificates.
150th anniversary of the signing of the Declaration of Independence, the
by many as having accomplished its patriotic purThe following is from the Des Moines "Registrar" of exposition was regarded
pose. Financially, it was not a success. The City of Philadelphia will
December 18:
have to meet the unpaid bills.
Des Moines banks will refuse to make loans on veterans' bonus
insurance certificates because of uncertainty as to provisions for safeguarding them in cases where payments are not made on the loans, it
was learned last night.
According to the provisions of the veterans' policies, holders of
certificates that were given not later than Jan. 1, 1925, are at liberty
to borrow a sum amounting to about 8% of the total amount of the
policy. Government instructions forbid the issuance of loans on any
of the certificates until Jan. 1, 1927.
There are between 8,000 and 9,000 veterans in Des Moines and
Polk county who hold the bonus insurance certificates, bankers say,
and hundreds of them have been applying for information about the
loans during the last two weeks.
J. E. Bradbury, assistant cashier of the Bankers Trust Company,
pointed out last night that the government policy states that the loans
are to be made on the certificates as collateral and that "if the veteran
does not pay the principal and interest of the note on maturity, the
bank holding the note and certificate may at any time after the
maturity of the loan, but not before the expiration of six months
after the loan was made, present them to the director of the United
States veterans bureau."
"The uncertain part of this provision is that the director of the
bureau may take up the notes at his discretion," Mr. Bradbury commented. "His discretion will be limited by the extent of the funds
provided for this purpose. Undoubtedly the fund, which is necessarily limited, will be inadequate.
"According to the present indications, with hundreds of veterans inquiring about the loans, a great number of the notes wiil be unpaid.
If the banks make these loans, they will get into a pyramiding proposition that will tie up large sums of money until the policies mature
in eighteen years," he declared.
"The banks in Des Moines, according to the present sentiment displayed, will wait until there is a definite agreement to take up these
notes and a special fund is set aside to pay them."
Daniel C. Newquist, vocational expert of the Des Moines branch of
the United States veterans bureau, declared last night that he had just
received a regulation from Washington providing that directors of the
bureaus will be required to take up the notes when presented by the
banks. He admitted, however, that no special fund has been set
aside to pay for the notes.
•
Mr. Newquist pointed out that the veterans bureau has a large reserve fund, formed by the income on the investment of the insurance
money. "At present, this reserve fund is invested in bonds, but some
of it will undoubtedly be used to form such a fund," he declared.
"The bonus insurance certificates are gilt-edge securities and I can
see no reason for hesitancy on the part of the banks to make loans on
them," he said.
On the desk of City Council to-night rest bills aggregating more than
$5,000,000, to pay which a bond issue was authorized at the election early
this month. It has been estimated that the show cost the city about
$17,000,000, not including $3,000,000 contributed by citizens through the
purchase of participating certificates on which there will be no return.
More than 6,000,000 persons visited the exposition in the six months it
was open, of whom more than 4,500,000 paid the admission price of 50
cents.
It was estimated that the visitors attracted by the exposition and national conventions spent $17,000,000 in Philadelphia.
The following figures regarding the attendance at the
exposition were contained in Philadelphia Associated Press
advices Dec. 1:
Figures made public to-day showed that 4,622,211 persons paid their way
into the Sesqui-Centennial Exposition, which closed yesterday.
The exposition opened May 31 and drew a steadily increasing attendance,
with the final months of operation showing considerably larger crowds
was the best
than were present during the opening months. September
month, with October a close second. The monthly figures were:
804,808;
June (including May 31), 271,593 ; July, 562,183 ; August,
September, 1,210,756; October, 1,048,987; November, 724,384.
An
Sundays.
on
carne
attendance
More than one-fourth of the total
The bigaverage of 58,469 persons paid to see the exposition on Sunday.
Dempsey-Tunney prize
gest days were Thursday, Sept. 23, the date of the
Cardinal
fight, when 140,268 entered the gates; Sunday, Oct. 3, when Stadium,
Sesqui-Centennial
Dougherty said high Pontifical mass at the
with 125,968, and Philadelphia Rapid Transit Day, when the management
of the city's transportation system invited all who wished to attend and
122,342 persons.
paid their admissions, the invitation being accepted by
Exposition
A $1,000 participating certificate of the Sesqui-Centennial
or 4% of ita face
$40,
for
Association was sold at public auction to-day
worth of the
value. The sale was taken as an indication of the present
bonds.
Mayor Kendrick was reported as stating on Nov. 18 that
the deficit would be met through the $5,000,000 originally
intended for subway construction. Authority to transfer
the money, it was stated, was granted by a vote of the
people. From the New York "Times" we quote the following Philadelphia advices Dec. 8:
Sesquicentennial Exposition bills totaling $5,000,000 were subjected to
Committee
sharp criticism during the session of the City Council's Finance
to-day.
Disclosure by E. L. Austin, Director General of the exposition, that this
sum was expended out of current expense funds for construction work led
Councilman McCoach to demand tartly:
"Didn't the Sesqui pay any bills at all?"
$5,000,The Councilman roundly scored exposition officials for spending
000 on construction work "when it was seen that there would be a deficit."
Congress Adjourns for Christmas Holidays.
Congress recessed on Dec. 22 for a period of 11 days
until after the Christmas holidays. A resolution to recess
from the 22d until Jan. 3 was approved at the beginning
On Dec. 7 Mayor Kendrick signed the ordinance authorizing
of the day's session by the Senate. It already had the
payment of the $4,859,733 of Sesqui-Centennial bills, and
the
approval of the House.
about half of the 360 warrants necessary to pay them. It was
Philadelphia "Ledger" that the warrants must
Senate Confirms Nomination of C. T. Schuneman as noted in the
by Controller Hadley, who has said he
countersigned
be
Assistant Secretary of the Treasury.
he had audited the bills. The "Ledger"
until
so
would not do
The Senate on Dec. 21 confirmed the nomination of Carl
part added:
in
T. Schuneman of St. Paul to be an Assistant Secretary of
The audit, the Controller said, will not be started until after the bonds
the Treasury. He succeed McKenzie Moss, who resigned to are sold next Monday and the $6,000,000 is in the City Treasury. As the
the purchasers of the bonds until about
accept appointment to the Court of Claims bench. The money cannot be turned in by
the Controller's audit will not begin before that date.
nomination of Mr. Schuneman was sent to the Senate by Dec. 27,
The sale of the bonds on Dec. 20 is reported among the
President Coolidge on Dec. 17. He is connected with the
in our State and City Department.
items
firm of Schuneman & Evans, merchants, and is a member
paid by the Sesqui-centennial Exhibition AssociaSalaries
Bar.
Paul
St.
of the
tion aggregated $2,500,000, exclusive of construction labor
wages according to Associated Press dispatches fromPhilaSesqui-Centennial Exposition at Philadelphia Officially
Dec. 17, stating that this was revealed in figures
delphia,
Closed — Grounds to Remain Open Until
that day, the dispatches said:
public
made
Dec. 30—Deficit of $5,200,000.
The figures showed that twenty exposition executives were paid $10,000
Philadelphia's Sesqui-Centennial Exposition, held in cele- a year each and that at one time approximately 4,000 persons were carried
pay roll. A tendency to reduce salaries as the exposition went
bration of the nation's 150th anniversary, was officially on thewas
indicated in the amounts paid the various director generals,
along
brought to a close on Nov. 30. The closing date had origin- Colonel David C. Collier, the first to hold this position,receiving at the rate
ally been fixed as Dec. 1, but on Nov. 19 the directors of the of $25,000 a year; Capitain Asher C. Baker, $15,000 and E. L. Austin,
present director. $10,000.
exposition decided to extend for another month the period
The publicity department was reported to have spent more than $500.000
during which it would remain open—or until Jan. 1. A to "sell" the exposition.
resolution recommending the reopening of the exposition
According to the Philadelphia "Ledger," except for
next spring was withdrawn at a meeting of the Buildings Nos. 1 and 2 and 29 of the 48 galleries in the
directors of the Exposition Association on Novem- Palace of Fine Arts and a few other exhibits, the big fair is
ber 29, when some of the members indicated their closed. Admission to the grounds during the ctirrent month
opposition to the proposal. It was stated on Nov. will be 25 cents. The official closing of the exposition was
19 that concessionaires had been exerting every effort marked by dual ceremonies observing "Commemoration
to have the exposition operate again next year from May Day" and "Connecticut Day," says the Philadelphia "Recuntil•November. Emphasizing the fact that it was far from ord," which in its account 94 the day's exercises said in part:.
3270
THE CHRONICLE
The Connecticut delegation arrived at Broad Street Station in a special
train and was met by city officials and taken to the City Hall. Mayor
Kendrick greeted the party and formally welcomed them to the city.
Arriving at the Sesqui grounds, the group was received by E. L. Austin,
Director-in-Chief of the exposition, and Troop "0," Third Cavalry, escorted them into the grounds. The cavalcade halted a short time later and
the Governor placed a wreath at the base of the Connecticut pylon, to the
memory of the Signers of the Declaration of Independence from that State.
Guns Boom Salute.
As the party entered Camp Anthony Wayne, Battery C of the Sixth Field
Artillery boomed a salute of 19 guns to the Governor. Brigadier-General
H. G. Learnard, Commander of the camp, received the party. The entire
personnel of the Sesqui Expeditionary Force was reviewed by -the Governor. After the review, exhibition drills were given by Company L, 12th
Infantry; Battery C, Sixth Field Artillery, and Troop G, Third Cavalry.
The next visit was paid to the Connecticut State Building, a replica of
the Federal State House at Hartford, where the Governor was met by
Mayor Kendrick and his staff. Escorted by a detail from the Old Guard,
State Fencibles of Philadelphia, the Governor and Mayor and their parties
marched to High Street.
State Flag Presented.
At the Slate Roof House on High Street the Governor presented the
Sesqui States' Committee with a flag of the State. Mrs. George H. Lorimer,
Chairman of the States' Committee, received the State colors. Mrs.
Lorimer presided at the exercises in the garden of the Slate Roof House
and asked Mayor Kendrick to introduce the distinguished visitor.
Presenting Governor Trumbull, Mayor Kendrick said that the Connecticut
Building was one of the most popular on the grounds, and that he had
observed from day to day the great number of visitors that crowded the
historic display.
In reply Governor Trumbull said that the State of Connecticut was glad
to take part in the celebration of the one hundred and fiftieth anniversary
of the independence of the nation, and that he was pleased to know that
the exhibit of his State had been appreciated by visitors to the exposition.
Mayor Kendrick made a personal presentation of the national colors to
the State's committee at the conclusion of the exercises. Old Glory will
be added to the collection of State flags. The State colors will be preserved as a memorial of the Sesqui Exposition in Independence Hall.
The Gubernatorial party was then escorted by Mayor Kendrick to the
reviewing stand on the lawn of the Pennsylvania Building, where the Mayor
was tendered the final review of the troops of Camp Anthony Wayne and
details from the navy and Marine Corps, stationed at League Island, and a
detachment of Pennsylvania National Guard. Following the review, the
troops took position in the Court of Honor and the colors were lowered.
With the sounding of "retreat," a one-gun salute was fired and then followed
the national salute of 21 guns, bringing to a close the military activities in
connection with the exposition.
In the evening Mayor Kendrick, accompanied by members of the association, paid official visits to the officials of all Government, foreign and
State buildings.
The day was brought to a close with a subscription dinner-dansant for
the administrative staff and attaches of the Sesqui in the Alpine Haus,
which was a reception to the Director-in-Chief, E. L. Austin.
After the exercises closing the exposition the Mayor with a sigh of relief
said that he was satisfied that the Sesqul was over.
"In a way," said the Mayor, "I am glad the exposition is going to close,
as it will definitely put to an end all of these whispers that have been
prevalent since it opened. Let them take one last look at the exhibits they
want to see, then we will close it."
With the official closing yesterday 900 employees will be released from
their duties, which will be turned over to a skeleton force of 100 men.
[VOL. 123.
been encountered during the summer. The "Record" quoted
the Mayor as saying:
Philadelphia has reason to be proud of the city and its accomplishments. The Sesqui-Centennial was not planned as a commercial
venture.
The weather and haste in building it were deterrent factors. But Philadelphians and citizens from all over the United States are now coming to
the exposition in large numbers, and with further improvement in
the
weather the attendance figures will surpass the records of all previous
expositions. The exposition is now an assured success.
It was one mistake to open the exposition too early, but the exposition
was no more incomplete than others. You men are not going to be disappointed in the Mayor or the people. As Mayor of the city, which is a
$3,500,000,000 corporation, I say the City will stand back of the expoidHon and make it one of the greatest in history. In September and October
the largest crowds will be here, and there is every indication attendance
figures will surpass all previous records.
We are now virtually through with the construction and everything that
could hamper us. The future is filled with promise and hope. The people
of Philadelphia will stand loyally behind us and see that the exposition
is carried to its conclusion as the greatest international affair in the
history of the world.
•
Several proceedings were brought to force the closing of
the exposition on Sunday. As to these actions, Associated
Press accounts Nov. 28 stated:
This was the last Sunday for the Sesqui-Centennial Exposition, and, while
the State Supreme Court withheld its decision on two appeals, one for and
the other against operation of the exposition on Sundays, the gates of the
fair were open as usual.
The appeals were heard by the Supreme Court last week. The first was
that of the Exposition Association from the decision of the Dauphin County
Court ordering the fair closed on Sundays and the other that of the Methodist Men's Committee of One Hundred against the decision of Judge Ferguson of the Philadelphia Common Pleas Court, refusing to issue a closing
order. Numerous other court actions were instituted to close the exposition
on summons, but none was successful.
Some of the largest crowds have visited the fair on Sundays, but to-day
cold weather and a biting northwest wind kept the attendance down.
The official opening of the exposition with an address by
President Coolidge was noted in our issue of July 10, page
165; the formal opening of the exposition on May 31 was
reported in these columns June 5, page 3161.
Denial of Motion to Quash Indictments Against Albert
B. Fall and Harry F. Sinclair Growing Out of
Teapot Dome Naval Oil Lease.
On Dec. 23 Justice Jennings Bailey, in the Supreme
Court of the District of Columbia, denied motions to quash
the indictments against Albert B. Fall, former Secretary of
the Interior, and Harry F. Sinclair, President of the Mammouth Oil Co., in connection with the leasing of the Teapot
Dome naval oil reserve in Wyoming. Feb. 2 was the date
set for the beginning of their trial. Both pleaded not guilty
to the charge of conspiracy to defraud the Government.
At a meeting of the directors of the Exposition AssociaCyrus E. Woods Named as Member of Inter-State
tion on Oct. 6, Mayor Kendrick, in referring to his efforts
Commerce Commission Succeeding F. I. Cox.
to make the exposition a success, had the following to say,
Dec. 20 President Coolidge sent to the Senate the
On
according to the "Ledger":
of Cyrus E. Woods as a member of the Internomination
My only ambition
make the
success.
Sesqui-Centennial a
We are
was to
going to meet this deficit and carry on to the very end just as we planned
to do.
Philadelphia has made a mighty effort to celebrate in an appropriate
manner the 150th anniversary of the signing of the Declaration of Independence. It could not have been properly celebrated in any other part
of our country.
I have tried to do my duty in every way. I believe that the advertisement of the accomplishments of Philadelphia and the influence of this
affair are far greater than the trifling loss we will suffer. I say trifling
because good has been done not only for Philadelphia, lout also for Americanization upon which all of this was founded. It has been worth all it
will cost.
Failed in Our Estimates.
It is not our fault we didn't have 50,000,000 visitors. We did figure
that with 2,000,000 people in Philadelphia and many millions more within
a few hundred miles, at least 25,000,000 people would inspect the wonderful displays from foreign nations and other States and cities. We failed
in our estimate. Less than 5,000,000 have paid to enter the grounds.
- I wish the newspapers and the public would give credit to the people
who have labored to put across this exposition. Every one in this room
has done his best. We have all made sacrifices to entertain the distinguished visitors, the President of the United States, Ambassadors, Governors, Mayors and within a few weeks, Queen Marie of Rumania will be
here.
I wish that Philadelphia could realize that the eyes of the world are on
this city and in a few years we will receive credit for the patriotic effort
we have made. It has been a serious physical effort for all of us. We have
worked day and night.
Sesqui is an Asset.
The Sesqui is an asset. Don't listen to some one who was dismissed
because he was not needed. Listen to the men and women who are carrying on this splendid work. These are my sentiments. I would have been
a lucky Mayor if I had had courage to stay out of this affair. I wort in
because I felt it my duty. It is still a duty to me.
At a luncheon in his honor at the Sesqui-Centennial given
by the Liberal Arts and Manufactures Club on Aug. 3,
Mayor Kendrick (we quote from the Philadelphia "Record"
of Aug. 4) admitted that it had been a mistake to open the
exposition as early as the end of May, but explained that
the Sesqui woes were due to the terrible weather that had
State Commerce Commission succeeding Frederick I. Cox
of New Jersey, whose term has expired. The Senate InterState Commerce Committee on Dec. 21 designated Jan. 6
as the date for consideration of the appointment. That the
nomination will encounter opposition is indicated in press
advices from Washington; one of these accounts appeared
as follows in the New York "Times" of Dec. 21:
It is understood at the White House that Secretary Mellon added the
weight of his Influence to the support of Mr. Woods by Se. ator Reed of
Pennsylvania. The latter spent half an hour with the l'resident this
morning and apparently removed all doubt existing in the I resident's mind
as to Mr. Woods's part In the Pepper campaign.
According to reports among the Senators who are opposed to the seating
of Senators-elect Smith and \rare, Mr. Woods's name will be linked with
the heavy expenditures in the primary campaign in Pennsylvania. This
is one phase of the opposition already developing to his confirmation.
Another is that he displaces a man who represents the views of the people,
and is an outstandirg spokesman for "the interests." Ile is especially
friendly with Secretary Mellon, who Is said to have been behind every
promotion Mr. Woods obtained In politics since he became a State Senator
In Pennsylvania.
Opposition to the confirmation of Mr. Woods was reported not only
among Western Senators who regard him as too close to the railroad and
coal interests, but among Southwestern Senators, who contend that their
section of the country has no representatives on the Commission.
Senator Reed met this opposition by saying that while the Commission
I. 27 years old, Pennsylvania never had a member and that its economic
problems are as far-reaching as those of half a dozen Southern States
combined.
The chief opposition to Mr. Woods, however, is based on the fact that he
was counsel for the Pittsburgh Coal Co. This company and others in the
Pennsylvania territory sought from the Commission a reduction of freight
rates to the lake regions. Duluth and the Northwest. contending that
West Virginia and Kentucky had a better rate on soft coal than the Pennsylvania operators. The case was stubbornly fought for more than a year.
but finally was decided by the Commission against the Pennsylvania complainants by a vote of 8 to 3. The contention that the confirmation of
Mr. Woods might influence the Commission in thls matter and bring a
reversal of its previous opinion is scouted by Senator Reed.
Senator Edge of New Jersey is expected to oppose the confirmation of Mr.
Woods on the grounds that his appointment represents a move to distribute
patronage to satisfy Senator Reed.
DEC. 25 1926.]
THE CHRONICLE
Investigation by Inter-State Commerce Commission
Into Freight Rates on Cotton—Preliminary
Conference at New Orleans.
A general investigation into freight rates on cotton moving
to practically all destinations was ordered by the Inter-State
Commerce Commission on Nov. 30. In order to perfect
plans for the inquiry a preliminary conference was held
at New Orleans on Dec. 17, by representatives of the Cornmission with representatives of State commissions, shippers
and carriers. In its notice the Commission said:
There are pending before the Commission a number of formal complaints
assailing the rates on cotton from substantially all important producing
areas to substantially all destinations, including ports of export, to which
cotton moves. No. 18390 and subnumbers assail inter-State and export
rates only and allege them to be unreasonable only. Nos. 18570 and
18932 attack rates, rules, regulations and practices with respect to the
transportation of cotton as unreasonable and unduly prejudicial, and No.
18932 also includes an allegation of violation of Section 13 of the Act with
respect to Texas intra-state traffic.
The Commission also has pending a general investigation. No. 17000,
instituted pursuant to the so-called Hoch-Smith resolution, which includes,
among others, all of the rates, rules, regulations and practices assailed in
the above-mentioned cases. It has concluded to assign for hearing with
those cases No. 17000, insofar as it covers rates, rules, regulations and
practices for or in respect of the transportation of cotton, which will be
designated Part 3. .
The scope of No. 17000 is broad. The spirit of the Hoch-Smith resolution
contemplates that complaints involving rates on the products of agriculture
are not to be delayed by investigations instituted pursuant to the resolution.
It is not the purpose of the Commission at the series of hearings at present
in contemplation to go into all the matters concerning cotton, comprehended by No. 17000, but to confine the evidence as nearly as may be to
such as will enable it adequately to dispose of the issues raised by the formal
complaint cases as promptly as possible.
No decided or submitted cases relating to the transportation of cotton
have been reopened but this will not preclude the Commission, in the
disposition of the present inquiry from reaching conclusions different from
those determined in prior cases if such action seems warranted.
In order to perfect plans for the preparation and presentation of data
with a view to avoiding duplication, and to discuss the scope to which this
proceeding shall presently be limited and the formulation of a program for
handling it which will promote expedition and meet the wishes of interested
parties insofar as that consistently can be done, a preliminary conference
will be held at the St. Charles Hotel, New Orleans, La., Dec. 17 1926, at
10 a. m., by representatives of the Commission with representatives of
State commissions, shippers and carriers.
The times and places for the hearings will be announced later.
A proposed report will be issued.
. 3271
should be heard separately, will also be decided by the Commission. Mr.
Marx declared he would file a formal motion with the Commission to
have these cases separated.
The complaints were brought by the Mississippi Railroad Commission
In conjunction with the Attorney-General of Mississippi, and by the
Oklahoma Corporation Commission.
Foreign Issues Protested.
Counsel for the Cotton Co-Operatives argued that the Oklahoma case
involves the question of rate relations between Oklahoma, Arkansas and
Texas, and that the Mississippi case seeks to inquire into rules, regulations
and charges covering the handling of cotton. Both these cases, he declared, attempt to bring into the situation foreign issues having no relation
to the complaint made by the cotton co-operatives as to the general level
of cotton rates.
This claim, however, was assailed by Paul Walker, attorney for the
Oklahoma Corporation Commission, Rush Knox, Attorney-General of
Mississippi, T. P. Goodwin and B. F. Martin and Commissioner Moore
of the Mississippi Railroad Commission. The Mississippi spokesmen
asserted that in defending the present level of cotton rates the raiir ads
would discuss the venous services entering into the rates, such as concentration, reshipping, compression and other items, and that the consideration of these matters would be essential in discussing an application
for a general rate reduction.
The general agreement of those present at the meeting, aside from
the Oklahoma and Mississippi interests, and possibly the Southwestern
rail lines, appeared to be against a consolidation of these two awes with
the complaint of the cotton shippers, the plea for separation being emphatically supported by Chairman Williams of the Louisiana Public
Service Commission, and Carl Giessow of the New Orleans Joint Traffic
Bureau.
Speaking for the American Cotton Growers' Exchange and the cooperative associations of Louisiana, Arkansas. Alabama, North Carolina,
Georgia, Missouri, Oklahoma, Tennessee, Texas, Arizona and South
Carolina, Mr. Marx declared these organizations represent between 250,000
and 300.000 actual producers of cotton, and that the cases are equivalent
to the collective action of more than a quarter of a million individual
producers and shippers of cotton.
Reduction Sought.
"The purpose of the present action," said Mr. Marx, "is to bring about
a reduction of not less than 20% in all inter-State cotton rates from all
points in the South to all other points. The formal complaint sets forth
that present inter-State rates on cotton are excessive and unjust, and
constitute an unreasonable burden on the cotton producer.
"The complaint sets forth the general condition of the cotton growers
and the fact that their standard of living has been depreciated by the
low price of cotton; and further that the railroad earnings in the cotton
belt, by virtue of high freight rates on cotton, are generally greater than
in other parts of the country."
First Formal Complaint.
The present complaints differ from all other complaints of like character
that have been instituted, said Mr. Marx, in that this is the first time
the cotton farmer of the South has formally challenged the "unreasonably
high rates" he is compelled to pay. Also there are no territorial discriminations complained of, or any grographical advantage claimed for
one part of the South as against any other section. The cases. said Mr.
Marx, are for the benefit of the South as a whole and for the benefit of
every cotton producer whether or not he is a member of an association.
At the New Orleans hearing on Dec. 17 Grady B. Ross,
spokesman for the Southwestern lines, estimated that a
20% reduction in cotton rates would lower the railroad
freight revenues at least $10,000,000, and served notice
that the railroads in turn would ask that provision be
,made to raise the rates on manufactured products to yield
an equal amount, if the application of the cotton producers Study of Wheat Production and Relation of Wheat
is granted. The New Orleans "Times-Picayune," from
Prices to Freight Rates.
which we quote the foregoing, also said in part:
to be the granary for the world and is
continues
America
Yesterday's meeting was in the nature of a conference of shippers,
markets.
railroad representatives, and railroad commissions of the South, to deter- more than holding its own in the world's wheat
mine a method of procedure in the cases brought by cotton growers' co- This is shown by a study Just completed by the Bureau of
operative associations in all Southern States except Florida and Mississippi.
Railway Economics and made public Now. 9 in respect to
The conference ended with the contesting parties apparently farther
wheat production and the relationship of wheat prices reapart than at the beginning.
Commissioner Woodlock, who was assisted by Examiner G. R. Mat- ceived by the farmer to freight rates. Average annual exparties
between
the
agreement
mutual
that
a
failing
tingly, announced
1925, inInterested, the Inter-State Commerce Commission would have to decide ports of wheat for the past three years-1923 to
on the question of time, place and procedure in the hearing.
clusive—amounted to 173,500,000 bushels, according to the
• Robert S. Marx, representing the American Cotton Growers' Exchange
study, which is considerably greater than the annual averand the 11 co-operative associations who made the complaint against the
present rate level, was insistent that hearings start not later than Feb. 1. age for any of the pre-war years from 1902 to 1913. The
Mr. Ross, on behalf of the Southwestern railroads, was equally positive wheat crop, according to the study, constitutes the largest
they could not undertake the hearings until March 1.
single commodity of all agricultural products transported
Bitter Struggle Foreseen.
by rail in the United States. Wheat tonnage averaged about
The disagreement as to the date of opening the hearings led to a numcommodities origiber of sharp exchanges, and it was developed that the co-operatives and 27% of the total tons of all agricultural
the railroads are prepared for a bitter struggle over the pending cases.
nating on the railways during the five years 1921-1925.
Mr. Ross emphasized the magnitude of the proceedings by estimating
While freight rates on wheat have remained virtually
that it will cost the railroads from $250,000 to $300,000 to defend the
1925cases. He objected vigorously, however, when Mr. Marx subsequently unchanged, the study shows that in the crop year
referred to "this $250,000 defense fund" of the railroads.
range of farm prices on wheat occurred. This
wide
a
1926,
"There has been no fund raised," said Mr. Ross. "This is merely an
in marked contrast to the stabilestimate of what we belleve these cases will cost the railroads before they range in farm prices was
ity of freight rates and indicates that freight rates do not
have been concluded."
Mr. Ross was also in pronounced disagreement with the contention of contribute to fluctuations in wheat prices. The study, which
the cotton co-operative associations that the railroads of the South, begrades of wheat and prices
cause of high freight rates on cotton, are earning more on their investments Is based on information as to
than the railroads elsewhere. On the contrary, he asserted, the South- obtained from country elevators, shippers or farmers at 146
western lines have never earned their allotted amount on any fair valuation,
origin points distributed through 20 States, producing 90%
and the present proceedings involve a very serious reduction in revenues.
of the total wheat production of the country, shows that the
Roads Demand Revenue.
farm prices during the season in nearly all cases
"We serve notice now," said Mr. Ross, "that we shall ask a general spread in
investigation of the entire rate structure of the Southwest, so that if a was greater than the total freight rate to market. It also
reduction in cotton ratesis made, our revenue loss may be counterbalanced shows that higher prices were sometimes paid for the same
by an adequate increment in miscellaneous manufactured products.
wheat involving longer hauls and greater
"We emphatically insist that if under the Hoch-Smith resolution, pref- kind and grade of
erential rates are to be given to farm products, we must recoup our losses freight rates than were paid at points involving shorter
on other traffic. We suggest that the Inter-State Commerce Commission hauls and lesser freight rates. Prices were frequently
appoint three or more of its examiners, including the Director of traffic,
same kind and grade of wheat at different
to consult with representatives of the Southwestern lines, and ascer- different for the
tain what other commodities may be proportionately raised, If the cotton points in the same general territory, which had the same
rates are to be lowered.
freight rate to market. In its analysis the Bureau says:
reduction in cotton rates is to be made, the Commission should
"If a
first ascertain what other commodities shall bear an increased freight
rate, so as to compensate us for our revenue losses on cotton."
The disposition of two other complaints as to cotton rates, which Mr.
Marx claimed had been put on the co-operative cases as a "rider" and
The results of this study have confirmed and
conclusion previously reached in other bulletins,
relationship between freight rates on wheat and
paid to the farmer for his wisest. ?might rates
strengthened the general
namely, that there is no
fluctuations in the price
trees Jens:frills, Ill., tar
3272
THE CHRONICLE
[Vol,. 123.
instance, to St. Louis and Chicago remained stationary at 5.7c. and 8.7c. 'except
to another "public limited dividend housing company" after the
per bushel, respectively, throughout the three seasons of 1923 to 1926. transfer has
received the approval of the State Board of Housing.
During the same period, however, farm prices for Red Winter No. 2 wheat
The second, or "private limited dividend housing company." differs
are fluctuating over a wide range: from 79c. to $1 09 per bushel In 1923- from the "public
limited dividend housing company" primarily in that
1924 from $1 11 to $2 08 per bushel in 1924-1925, and from $1 46 to $186 it may not
exercise the power of eminent domain in the acquisition of
in 1925-1926. The price range over the three-year period was from a low property and
is not prohibited from selling or otherwise disposing of land
of 79e. per bushel in 1923 to $2 08 in 1925. This three-year spread of or buildings,
provided the State Board of Housing shall consent.
$1 29 was 14.8 times the stationary freight rate to Chicago and 22.6 time;
Both the "public" and "private" limited dividend companies are required
the stationary freight rate to St. Louis. It is evident from this that freight to raise at
least one-third of the actual cost of the project by the issue of
rates do not contribute to fluctuations in wheat prices, and that the causes stock of the
corporation and to raise the balance by mortgage bonds which
of the fluctuations must be sought elsewhere.
shall not exceed two-thirds of the actual cost of the project. Stockholders
are allowed the privilege of exchanging their stock for income debenture
certificates bearing no greater interest than 535% per annum. Dividends
Report of New York State Housing Board—Governor on
the stock of the corporation may not be paid in excess of the rate of6%
Smith Urges Investment in State Housing
per annum but the companies are permitted to accumulate a surplus equal
to
12%
of the outstanding capital stock. For the money raised on mortProjects to End Congested Areas.
gage bonds the companies
not permitted to pay more than 5% per
At a dinner at the Hotel Biltmore, this city, on Dec. 15, annum. Should the gross are
receipts of the company exceed interest and
the preliminary report to Governor Smith of the New dividend payments and the authorized transfers to surplus, the balance
be applied to the reduction of rents within one year after it becomes
York State Board of Housing was presented by the Chairman shall
available.
of the Board, Darwin R. James. The Board, it will be
If the company shall dissolve, any non-distributed earnings in excess
recalled, was created under the State Housing Law signed of 6% revert to the State of New York.
Limited dividend companies both "public" and "private" arc exempted
on May 10 by Governor Smith, who had proposed the crea- from the payment of taxes and
fees to the State or its officers, and their
tion of a State Housing Bank, which, however, had been bonds and mortgages and the interest thereon are exempted from
State
blocked by the Republicans in the closing session of the taxation.
The Act authorizes municipalities to exempt the buildings and improveState Legislature last spring. During the past week it has ments of each project from local taxation, providing,
however, that the
been reported that there is a likelihood of Governor Smith in buildings and improvements of a private limited dividend company
may
his message to the new Legislature, renewing his recommen- be exempted only so long as it owns and operates the property.
Condemnation may be used only by "public" limited dividend housing
dation for a State Housing Bank. With the presentation' companies after specific authorization has been granted
by the State
on Dec. 17 of the preliminary report by Mr. James, Gover- Board of Housing. With such authorization the corporation may proceed
nor Smith urged that those having idle funds invest them in under the condemnation law, or in the case of property situated within
the City of New York the corporation may petition the city to institute
the proposed State Housing projects provided for in the proceedings under Chapter
21 of the Greater New York Charter for the
Housing law, and thus aid in the wiping out of the city's acquisition of title. The city may then acquire property as for a public
and
use
convey
it
to
the
corporation
upon payment of all sums expended.
slums. As to what the Governor had to say, we quote the
In such cases the Act requires that the city obtain satisfactory evidence
following from the New York "Times" of Dec. 16:
or assurance that the corporation will have the funds necessary to complete
the transaction.
Governor Talks of East Side.
The law provides that rents in apartments built under its terms shall
The Governor,after listening to Mr. James's report, said he did not want be limited to E12 50 per room per
month in the County of New York
to make a speech, but would tally informally. He recalled the passage of (Manhattan): Ell in the County
of Kings (Brooklyn) and The Bronx;
the old tenement house law and the existence at that time on the Lower $10 in other counties within New
York City (Queens and Richmond) and
East Side, of what was known as "Lung Block," because of the number of first class cities of the State and
$9 elsewhere.
people taken from there suffering from tuberculosis. He said that notwithAn important provision of the Act invests the State Board of Housing
standing the law the district still had the old-time tenements and "Lung with power to increase rents above
the maxima fixed in the Act but only
Block" still exists.
when the Board finds that changes in economic conditions in their applica"People are going to live where they want to live and not where some tion to the project are such that
the maximum rents fixed by statute are
theorist tells them they ought to live," he said.
insufficient to meet annual charges and that the deficit cannot be corrected
"I don't believe you are ever going to be able to reduce the population of by reasonable economies in
management ard operation.
those sections of the city," he continued. "The problem cannot be sieved
There is no complicated procedure under the Act. Any three or more
by telling these people they would be better off in Brooklyn or in Queens. persons may become a limited dividend
company by b.corporating under
We are not building rapidly enough in the sparsely-settled sections to take the terms of the law, after obtaining the
approval of the State Board of
care of them and if we were we have not the transit facilities to take them Housing. They may then issue stock
and proceed to acquire a site by
there, so what is going to be done?"
purchase or by condemnation when necessary. Thereafter, they may
borrow on mortgage the remaining capital necessary to complete the
Explains Law's Provisions.
project. The corporation is then required to manage the property for a
The Governor went on to talk of the new housing law and explained the term of fifty years, nor may the company
dissolve within that term except
difficulty in taking land, thus giving the reason for the condemnation sec- with the approval of the State Board of Housing.
Within the life of the
tion which the law contains. He stressed the value of Manhattan real corporation two-thirds of the cost of the project will be
completely amortized.
estate and said:
With regard to tax exemption preliminary conferences bane already
"When land on Manhattan Island is no good then nothing in this country been held with the municipal authorities in New York
City. At the
will be any good. I'm only sorry that in a few days I will have lived on the suggestion of the Mayor. the Chairman of the
State Board of Housing has
island for fifty-two years without owning an inch of it."
appeared before the Committee on Housing, Zoning and Distribution of
After saying that one thing that would be accomplished if the housing Population of the Mayor's Committee on City
Planning and Survey. An
plan went through would be the ending of the trips from Times Square ordinance has been drafted for introduction into the
New York City
"to the slums" and adding,"We don't want anything of that sort of thing Assembly to provide that buildings which shall be
erected hereafter and
in New York," the Governor said:
until 1937 under the terms of the State Housing Law, shall be exempt
"Now we want the men who can afford to do it who have the money lying from all forms of local taxation other than special
assessment.
Idle or in some other investment that is not paying very svell, to be satisAssured that practical operation under the law is feasible, the Board
fied with 5% on a gilt-edged security on the land of Manhattan Island. has proceeded to formulate regulations and
rules of procedure to be followed
We want those men to know that when they undertake this they will not in the organization of limited dividend corporations,
in the acquisition of
only be getting a gilt-edged security, but will be doing something for the land, and in the erection of buildings which
will meet the requirements of
benefit of humanity, for men, for women and, above all, for the children, the law. Toward the initiation and operation
of housing projects under
for it is the children who are suffering the most from the prevailing condi- the law the Board offers assistance and co-operation.
tions. The men who come into this will help the city, they will help the
From
"Times"
the
of
Dec.
16
we
take
the following:
State, and—particularly for those who start it—they will get a chance to
Following the reading of the preliminary report of the board by Darwin
share what God has given them with their less fortunate brothers and
R.
James,
Chairman,
Governor
Smith
made
his
appeal,
promised State
sisters."
co-operation and announced that Mayor Walker had agreed that
the
The report presented by Chairman James in behalf of the proposed new tenements should be tax exempt. Immediately
Alexander
Bing,for the City Housing Corporation, offered to build in
Housing Board said:
accordance with
the board's plan, putting up $100,000 as an initial investment.
The State Board of Housing,created under the terms of the State Housing
Others
Offer
to
Buy
Stock.
Law,* was appointed by Governor Alfred E. Smith on July 1 1926. The
This was followed by an announcement from Aaron Naumburg, banker,
Board at once began studies of the cost of acquiring suitable sites and of
various types of building that may be erected thereon under the terms that he would subscribe $100,000 to the stock of the corporation Mr. Bing
proposed
to form or to any other similar corporation which should operate
of the law.
The studies have now progressed sufficiently to justify the conclusion under the new State Housing Law, and he supplemented this offer with
that a material contribution to the improvement of housing conditions can one of $200,000 to be invested on condition that four others made similar
Investments,
be made provided those interested are prepared to act under the law.
Under the law and the plan proposed by the board one-third of the cost
This preliminary report is presented to show several types of multieach housing undertaking must be raised by the issuance of stock of the
of
family dwelling that can be erected in present tenement house areas of
New York City, or other cities of the State, to rent for not more than the corporation, the other two-thirds by first mortgage, with interest at 5%.
Speaking for the Metropolitan Life Insurance Co., Walter Stabler,controller
statutory maximum.
of the company,said the Metropolitan would invest its funds in mortgages
The essential featured; of the State housing plan are:
at 5%,though that figure was two-thirds of 1% below the figure at which
Limitation of dividends on capital invested in housing projects to the company
usually lent money.
eliminate speculative profit.
The Housing Board in its report had said it was quite impossible to build.
Exemption of the housing corporation, its stock, bonds and interest
thereon from State taxation to reduce annual charges on the project.
without an endowment, tenements in Manhattan to rent at E5 a room per
Exemption of buildings and improvements from local taxation to further month, as had been suggested in connection with the $50,000,000
proposal
reduce annual charges.
Exercise of the power of condemnation to insure acquisition, at fair made by August Heckscher some weeks ago. Mr. Heckscher was present
last night and, to a degree, opposed the board's plan, asserting that private
prices, of suitable sites for large scale production.
Statutory limitation of rents to insure that the economies so gained shall capital would not participate. Ile asserted:
be conserved for the tenants.
"This able and painstaking report again forces the conclusion that here
Creation of a State Board of Housing to administer the law.
Is a piece of work which private enterprise cannot undertake and which the
For the actual construction of housing projects, the Act authorizes the State and city
must. We had hoped that our enormously wealthy citizens,
creation of two types of limited dividend company. The first, or "public of whom there
are so many, would from a financial angle, rise to the task.
limited dividend housing company," may exercise all the powers granted But they will
not, and we cannot wait."
under the Act including the power of condemnation, but is prohibited
Call Private Investors Timid.
from selling or otherwise disposing of any land acquired under condemnation
Mr. Heckscher said private enterprise would always be dilatory, timid
•Chapter 823, Laws of 1926.
and looking for an inordinate profit. The State and city, he went on,
DEC. 25 1926.]
THE CHRONICLE
3273
could finance the undertaking with guaranteed securities and he specified
4% corporate stock, adding that if the State guaranteed the
security it
could be disposed of on a 3i% basis.
Following the statement of Mr. Bing, Mr. Heckscher's comments
were
received in silence. The Governor, who had already spoken once,
moved
that every one present become a "salesman" for the Bing project and
said:
"I want to see the fellows with a couple of hundred dollars investing
in
this new plan. After all, we have only a few millionaires,
but there are
Millions with small sums to be placed. Once one of these corporation
s is
successful others will be started and investors will come flocking."
He subscribed to the general thory that slums are made by slum
people
and not by poor housing conditions. He points out that
slum conditions
already are making their appearance in the newer sections of
the Bronx,
and even in the Madison-Park section of the Nineties.
The proposition of tax exemption of housing grows out of the
housing
shortage discussions, he said, and the courts uphold it on the
ground that
there is an emergency. Last year, he says. the Housing Commissio
n
conceded the shortage had been overcome, which virtually meant
that the
Commission thought the emergency had ceased to exist.
Property owners, under the tax levy of 1927, he points out, will pay
the
cost of city government for $900,000,000 of dwellings under the 1920
Tax Exemption Pledged.
Law.
If
the
rate
is
2.68%,
contemplat
as
ed, the additional tax to be distributed
The report stressed the fact that tax exemption on the improveme
nts was will be $24,121,000.
essential to the success of the undertakings it was proposing
for the two
Such exemption would be useless, Mr. Elliman contends, unless
types of corporations which the law permits to operate under the Housing
houses
are literally "destroyed by the acre." This would mean that owners
Act. Governor Smith made it Certain that this would
of
be accomplished. what are termed "slum tenements
" would be paying taxes and at the same
saying:
time competing with the housing that is to be subsidized by the
"I had a long talk with Mayor Walker last night and he
city, he
told me, with declares.
reference to this tax exemption, that just as soon as the
Board of Estimate
Mr. Heckscher, in his letter supporting Mr. Elliman, says any tax
and the Housing Board had agreed on what was wanted
he himself would exemption scheme must"stand on
its own bottom," and that every property
introduce the bill to exempt the improvements undertaken
under this plan exempted must "show that it
is a matter of strict necessity for the housing
from taxation by the city."
of the poorest of the poor."
A letter to the heads of the Merchants Association, the
New York State Chamber of Commerce and the Brooklyn
J. C. Rovensky Heads Foreign Exchange Club.
Chamber of Commerce, has been addressed as follows by
the annual business meeting of the Foreign Exchange
At
Mr. James with a view to bringing the housing subject
Club of New York, held at the Hotel McAlpin on Dec. 16,
before these several bodies:
J. C. Rovensky was elected President for the coming year.
December 18 1926.
Mr. Ralph Jonas, President Brooklyn Chamber of Commerce,
The retiring President was J. E. Underwood, of Brown
Mr. F. H. Ecker, President New York Stale Chamber of Commerce,
Bros. & Co. The following is a complete list of officers
Mr. Lucius R. Eastman. President Merchants' Association
,
elected for 1927:
Dear Sir—On Wednesday, Dec. 15, the State Board of Housing
presented
the enclosed report as a preliminary statement of
its findings as to the
practicability of the new State Housing Law. We
have demonstrated to
our satisfaction from the studies already made that the law
offers a practical method of abolishing the worst housing in congested
areas. The State
Housing Law offers a means of providing in its stead
sanitary, healthful
dwellings adequate to meet the needs of decent family
life at rents which
wage-earners can afford to pay.
I know nothing so vital to the business life of this great city
as for the city
to rid itself of our tenement areas which were declared unfit for
habitation
any longer.
The law provides, as you know, for the organization of limited
dividend
corporations which have the power of condemnation
and for whose projects
the city is to grant tax-exemption. I am writing to ask that at
the earliest
possible date available you permit the State Board of
Housing to present
the subject of housing at a luncheon meeting of the membershi
p of your
organization. The Board is prepared to suggset
speakers and to present
a practical program and asks for your co-operation at
Governor Smith's
suggestion and request. I will be glad to arrange for some
one to take up
the details with you personally.
Very truly yours,
DARWIN R. JAMES, Chairman.
President, J. C. Rovensky, Chase National Bank,
Vice-Presidents, D. J. Palmer, Farmers' Loan & Trust Co.; W. H.
Draper, Jr., Bankers Trust Co.
Secretary & Treasurer, R. B. Raymond, U. S. Mortgage 8s Trust Co.
Executive Committee: J. E. Underwood, Brown Bros. & Co.; J. Heckscher, American Ex. Irving Trust Co.; S. E. Ruth, Philadelphia-Girard
National Bank. Philadelphia; C. J. Stephenson. Canadian Bank of
Commerce.
Mr. Rovensky is a Second Vice-President of the Chase
National Bank and has charge of the foreign department.
Death of John E. Gardin.
John E. Gardin, formerly Vice-President of the National
City Bank, and for years a dominant factor in foreign exchange circles, died at his home in Caldwell, N. J., on
Dec. 23 after an illness of two months, due to heart disease.
Mr.Gardin, who was in his seventy-fourth year, retired from
the National City Bank in December 1917. He had since
The reports of the possibility of a revival of the
proposal located at
60 Wall Street, where his business interests were
for a State Housing Bank prompted the issuance
by Mr. centred, these including
directorships in the Allied Machinery
James of a statement on Dec. 17 as follows:
Co. of America, the First Federal Foreign Banking AsssociaThere is no reason to divert public attention at this
time to a consideration of returning to the proposal for a State Housing
Bank. The first tion, the Horne Company of Yokohama and Tokio, and the
requisite now is to determine whether the one good
investment which must National Insurance Co. of Denmark.
be made by limited dividend
companies, the so-called equity money, will
be forthcoming. If that can be had, we are assured at the
present time of
first mortgage money from the Metropolitan Life Insurance
Co.
The State Housing Bank, in the form in which it was submitted
to the
Legislature, assured first mortgage money at a somewhat
lower rate of
interest, but we are not concerned with that phase
of the problem at this
time. What we need is investors who are willing to
loan money for a 6%
return in order to build a plentiful supply of
decent houses for people,
to replace our old tenement rookeries.
The signing of the State Housing bill was noted in these
columns May 15, page 2751. The appointment of
the State
Housing Board was indicated in our issue of July
31, page
529. Besides Mr. James, the members of the Board
are
Oliver Cabana, Jr., John Halkett, Louis H. Pink
and
Aaron Rabinowitz. The following are associated with
the
Board: Sullivan W. Jones, State architect; George
Gove,
Acting Secretary, and Willard L. Thorp, Statistic
ian.
August Heckscher Criticises State and
City Housing
Plans.
According to the "Herald-Tribune" of Dec.
21, August
Heckscher, in a letter to Lawrence B. Elliman,
President
of the Real Estate Board of New York, made public on
Dec. 20, supports the latter's opposition to tax exemptio
n
of residence property in any housing plan to rid the city
unsanita
ry tenement districts. It is added that in
of its
his letter Mr. Heckscher also expresses strong disapproval
of the Singer plan for condemnation of land south of Hudson
Street and leasing of sites to builders on the 5% basis to
be
owned by the city in forty-two years when liquidated by
a
monthly rental of $12 a month. The paper quoted goes on
to say:
• This plan was submitted Nov.21 to Mayor Walker by Saul
Singer.VicePresident of the Bank of United States and a member of
the City Planning
and Survey Commission.
The Singer plan, Mr. Heckscher declares, is "entirely wrong."
He says
that he has written Mayor Walker that it "cannot be countenanced."
In
the matter of tax exemption he says it is amazing how far "in the front rank
New York City already is in this penmen exemption," Some of the exemptions of the recent past in his judgment are "a scandal and a disgrace."
In commenting on Mr. Heckscher's letter, Mr.Elliman issued a statement
yesterday in which he charges that the entire housing proposition has
been
made a football of politics at Albany.
Annual Meeting of American Economic Association
at St. Louis, Dec. 28-31.
At the 39th annual meeting of the American Economic
Association, to be held at St. Louis, Mo., Dee. 28 to Dec. 31
1926, one of the most important discussions will be devoted
to the problem of effective public utility regulation. This
will be in the form of a round-table conference and will be
in charge of Dr. John Bauer of the American Public Utilities
Bureau. Dr. Bauer is the author of "Effective Regulation
of Public Utilities" and has written extensively in the economic and technical press on valuation and problems of
public utility regulation.
The fundamental question to be considered is whether the
common system of regulation has worked satisfactorily,
and if not, what can be done to make regulation effective
and financially sound. The special question will be considered whether the reproduction cost or the actual investment
in the properties is the most suitable basis of rate-making
from the standpoint of effective and financially sound principles of regulation. Several aspects of this question will
be briefly discussed by Prof. Robert L. Hale and Prof. J. C.
Bonbright, both of Columbia University; Prof. H. G. Brown,
University of Missouri; Prof. Martin G. Glaeser, University
of Wisconsin, and Prof. C. E. McNeill, University of Nebraska. Those interested in this problem either from an
operating, financial or administrative standpoint are invited to attend and join in this discussion. The chief purpose of the conference is to obtain an exchange of opinion
on these important questions with which the great public
utility industries are confronted.
State Bank Division of American Bankers Association
Endorses Farm Plans Before Congress.
Endorsement of plans before Congress to provide
Amerj- •
can agriculture with a sound marketing system as
a meatis
of stabilizing prices is expressed in resolutions.
adopted
1§Y,t
3274
THE CHRONICLE
[Vol.. 123.
Edward S. Rothchild, President of the Chelsea Exchange
the Executive Committee of the State Bank Division, American Bankers Association, made public by Guy E. Bowerman, Bank, has distributed extra compensation checks to all emPresident of the Division. The action of the committee was ployees following the usual practice of the institution at
Christmas. A total of between $20,000 and $25,000 was disas follows:
The Executive Committee of the State Bank Division, American Bankers tributed to approximately 150 employees. As provided by a
Association, believes that agriculture is and always has been handicapped
resolution by the board of directors, the extra compensation
as an industry because of the lack of a system of orderly marketing very
much in the manner that our banking system suffered before the creation was doubled this year. Employees with the bank one year
of the Federal Reserve System for want of necessary machinery to mobilize or more received one month's salary against two weeks'
our credit resources. We believe that as a result of this lack of a nationyear. Employees in service from six months to
wide system of marketing this great industry is now suffering from a de- salary last
pression that will ultimately affect the entire business life of the nation. one year received two weeks' salary against one week's salTherefore, the committee heartily endorses the efforts now being made by ary last year, and all new employees received one week's
Congress to create a sound, workable system of orderly marketing on a
year has been a most prosperous one
nation-wide plan that will enable the farmer to mobilize his crop surplus salary. The current
and market it in a business-like manner, thereby stabilizing farm prices.
for the Chelsea Exchange Bank, according to President
Rothchild. Net earnings on the $1,500,000 capital stock,
based upon actual figures to Dec. 1 and estimating the final
Proposed Sale of Building of New York Produce
month of the year will approximate nearly 32%. Deposits
Exchange Approved by Members.
The proposed sale of the building of the New York Pro- at the present time approximate $21,000,000, a gain of nearly
duce Exchange, which fronts on Broadway, Stone and $2,000,000 compared with a total slightly above $19,000,000
Beaver streets, has been approved by a majority of the mem- reported a year ago.
bers, whose referendum vote has been referred to the special
The Chemical National Bank will move from 270 BroadRealty Committee. A statement in the matter issued by way to 165 Broadway as soon as the construction work now
B. H. Wunder, President of the Exchange, says:
contracted for is completed. This is the bank's second move
It was reported at a meeting of the Board of Managers of the N. Y. Produee
Exchange held yesterday (Dec. 17) that there have been received 618 votes in 102 years. The Chemical Bank was the first bank on
in favor of selling the real estate holdings of the Exchange subject to cer- Broadway, opening its original office in 1824 at 216 Broadtain important provisions as set forth in the referendum issued to members way and moving in 1848 to 270 Broadway, where it has been
Dec. 6; only 58 votes were cast in the negative. There being at this time
1,059 living members qualified to vote on this subject, the 618 votes cast domiciled ever since. Now, after 76 years in that location,
in favor of the referendum constitutes more than one-half of this number, it is moving back downtown. This move is necessitated by
and consequently a majority vote of members.
the fact that the bank has entirely outgrown its present
The items embodied in the referendum as the provisions to be met out
quarters and also because of the great increase in its busiof proceeds from the sale of the real estate are as follows;
"To cover the existing mortgages and loans for which the Exchange is ness in the Wall Street district. A new six-story building,
profits
the
on
resulting
from
taxes
income
Federal
of
obligated, payment
at the corner
sale, provision for a self-supporting Exchange office building with adequate especially designed for banking, will be erected
facilities not less than those now enjoyed and provision for refunding the of Broadway and Cortland Street, connecting with and
Gratuity Fund."
forming a part of the 32-story building known as the BenenAccording to the "Journal of Commerce," one offer for son Building. This will be the bank's main office, for which
the property of a little more than $11,000,000 has been re- some 50,000 square feet are being provided. It is expected
ceived. It adds:
that the building will be completed early in 1928. It will
The Exchange expects to receive others. Its members are said to be
be one of the most up-to-date and attractive banking offices
advised by realtors that the site which they plan to vacate is the most
valuable building location in New York. The towers of the new Standard in the country. At the same time the bank announces thaz
Oil Building look down on the 42-year-old brick and mansard effect roof it will open a large office at 320 Broadway in the heart of
of the Exchange.
of the Citizens
The Produce Exchange was built on piles driven in a sunken marsh. A the textile district. This was the location
foundation ample in strength to support a new skyline height of 60 stories National Bank befoie it was consolidated with the Chemhas been mentioned by one realtor. At all events, it is common belief ical. The bank has two uptown offices—its Fifth Avenue
among the members that the purchasers will build to a height and in a
at 29th Street and its Madison Avenue office at 48th
style of architectural beauty to match Standard Oil and the International office
Mercantile Marine and Cunard buildings on the opposite side of Broadway. Street. This expansion and development of a larger range
of business has been an outstanding feature of the bank's
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. growth during recent years since the inauguration by its
The New York Curb Market membership of John J. President, Percy H. Johnston, of a more progressive policy.
Slattery was reported sold this week to Paul M. Rosenthal, The Chemical has shown a steady growth for the past few
the consideration being stated as $32,000. The last pre- years, not only in its regular commercial and financial business, but in its trust, foreign and bond activities. The
ceding transaction was for $30,000.
Chemical Bank is one of the few institutions to preseive its
Extending its operations throughout the world, the name and identity unchanged for more than a century. The
National City Batik of New York has completed plans Chemical has for a long time been known in financial cirfor the absorption of the major branches of the Internatinal cles as "Old Bullion" because of its refusal during the finanBanking Corp., heretofore conducted as a separate organiza- cial stringency of 1857 to discontinue specie payments, even
tion. An official statement in the matter, issued Dec. 22, though all other Clearing House banks had done so. Its
says:
stock at one time sold at the peak of all bank stocks, going
By this action the National City, which recently became the world's
high as $5,000 per share. The bank's low capitalization •
as
its
of
enlargement
an
through
institution
banking
commercial
largest
capitalstructure of$142.000,000, will be the first bank to carry the American and large surplus were features that made it stand out
the
absorbing
of
the
process
flag into all corners of the globe. When
among the nation's financial institutions. Its capital tocorporation's branches is completed, the Natoinal City Bank will be
of 22 countries.
day is $4,500,000, surplus and undivided profits $19,000,000.
cities
Important
most
the
of
75
in
directly
operating
Branches of the International Banking Corp. which will become foreign During the first 100 years of the Chemical Bank's history
esnow
eight
offices of the National City Bank early next year, include
it had a total of only 32 directors. The peculiar combinatablished in China at Canton, Dairen, Hankow, Harbin, Hong Kong,
Peking, Shanghai, and Tientsin; the four Japanese branches at Kobe, tion of conservative age and progressive youth is exempliOsaka. Tokio and Yokohama; three in India at Bombay, Calcutta, and fied in the personnel of the board. Frederick W. Stevens
branch
Rangoon and the one at Batavia, Java. Activities of the London
Branches has been a member of the board continuously for 56 years,
will be combined with the bank's offices in the British capital.
the having been elected to the board
ten years before President
In Spain and the Philippine Islands will continue to operate under
and
control of the corporation and its offices in London, San Francisco
Johnston of the bank was born. The youngest and latest
head office in New York will be maintained.
make addition to the directorate is Jansen Noyes of the firm of
These new members ef the National City Bank organization will
includes
Hemphill, Noyes & Co., who graduated from Cornell 16
an important addition to Its list of foreign offices which already
others in
25 on the Island of Cuba, 7 in the Dominican Republic and
years ago.
Belgium, Brazil, Chile. England, France. Italy, Panama. Peru,
Argentina,
Porto Rico. Uruguay and Venezuela. Four thousand correspondent
to the
banks will be scattered throughout the world, while closely allied
principal
bank is the National City Co. with more than 50 offices in the
financial centres of the United States and Canada.
being taken
The International Banking Corp., whose activities are now
specialize in
ever by the National City Bank, was founded in 1901 to
$5,000.000. owned
foreign business. In addition to its capital stock of
entirely by the bank,lt has surplus and undivided profits of approximately
Corp.,
510.000.000 more. Upon purchasing the assets of the Asia Banking
It became the only American banking institution to operate throughout
foreign
the Orient end the largest American bank to be engaged in the
field.
proposed 525.000.000
With the approval by stockholders oa Jan. 11 of a
Meresse in static, the bank will have a capital of 575.000.000, surplus of
518,000.000.
nearly
$60.000.000 sad undivided Profhe of
At a meeting of the Executive Committee of the board of
directors of the Equitable Trust Co. of New York held Dec.
21, Arthur A. Miller was appointed a Vice-President of
the company. Mr. Miller became associated with the Equitable In 1903 as a loan clerk and in 1914 he was appointed an
Assistant Treasurer in which capacity he remained until
1918, when he was made Treasurer of the company.
John T. Cochrane, President of the Alabama Tennessee &
Northern Railroad, has been elected a director of the Central National Bank of this city. Mr. Cochrane is alSo Presi-
DEC. 25 1926.]
THE CHRONICLE
dent of the Mobile Chamber of Commerce and a director of
the Merchants Bank of Mobile.
Announcement is made by the National City Bank of New
York of the acceptance of the resignation of John A. Myers,
Assistant Vice-President.
The extra compensation, by way of profit sharing, voted
to all officers and employees of the Title Guarantee &
Trust Co. amounts this year to the sum of $1,338,000. Clarence H. Kelsey, Chairman of the Board, in explaining the
profit sharing plan which has been in force for several years,
stated that the percentage of the year's salary received by
each,*varies in proportion to the length of service. This
year, those who have been with the company a year at least
will receive 31% of their salaries, and the percentages rise
from this point until all those whose service covers fifteen
years or more, will receive 44%. At the end of each quarter, one-half of the amount due has been distributed in
cash
and one-half has been retained until the end of the
year
under the rules. The amounts retained during the three
preceding quarters, together with the full amount
due for
the fourth quarter, will be paid on the last day of
the year.
This means that $829,000 will be distributed on that
day.
The profit sharers are encouraged to invest as much
of this
final payment as possible in the Employees' Investme
nt
Fund, which is put into guaranteed mortgages and
earns
5%% interest. It is stated that one reason for
withholding
one-half of the extra compensation until the end of
the year
is the hope that it can be saved and invested and not used
in
living expenses during the year. That it accompli
shes this
purpose in many instances is shown by the fact that already
$1,777,000 has been saved and invested in this way.
Joseph H. Ward, President of the Excelsior Savings
Bank
of this city died on Dec. 16. He was 64 years of age.
Mr.
Ward became President of the bank on May 12 1924,
but
owing to continued ill-health resigned the presidenc
y on
Oct. 31 1926. The trustees of the bank on Dec.
17 adopted
resolutions recording the sense of their loss suffered
in Mr.
Ward's death.
At the regular meeting of the board of directors
of the
Textile Banking Corporation on Dec. 21 Harvey D.
Gibson
resigned as President to accept the Chairmanship of
the
board of directors and John D. Maguire, Executive VicePresident, was elected President of the bank.
V
3275
done business since 1871. More than 100,000 invitations to
visit the new banking offices were issued and a private inspection for depositors of the institution was held on Thursday and Friday, Dec. 16 and 17. Mahlon B. Smith, who is
serving his 57th year with the bank, was the only man on
duty on Monday who was present 56 years ago when the
Seamens Bank moved into its first home on the present site
In 1871. From his window he greeted many old friends
who have been turning their savings over to him for decades.
Mr. Smith is of the old school of bankers, who learned to do
all his work by hand, and though the present institution is
equipped with machines for his work, he continues to work
as he did in the days when he entered the bank's employ.
The lobby of the main banking room was decorated with
floral greetings from numerous banks and financial institutions. Among the bankers who called were: Former Governor of New Jersey George S. Silzer, President of the
Interstate Trust Co.; Albert H. Wiggin, Chairman of the
Board of Chase National Bank; Percy H. Johnston, President of the Chemical National Bank; James S. Alexander,
Chairman of the Board of the National Bank of Commerce;
John V. Jewell, President of the Williamsburg Savings
Bank; John H. Fulton, President of the National Park
Bank; Lewis L. Clarke, Chairman of Executive Committee
of the American Exchange Irving Trust Co., and the trustees of the Seamens Bank. The new building, which will
have a rental income of nearly $300,000, has a frontage of
89 feet on Wall Street and 129 on Pearl. There are two
entrances on Wall Street, one for the exclusive use of tenants and the other centring on the main banking room,
which is 124 by 65 feet. An item regarding the bank's new
quarters appeared in our issue of a week ago, page 3137.
George S. Silzer, President of the Interstate Trust Co.,
which started business on Oct. 14 1926, this week distributed
Christmas checks to all employees equal to one week's
salary.
James W. Allen has just celebrated the completion of 25
years of service for the National City Bank of New York.
As chief messenger in charge of gold and currency transportation, he has, since 1907, managed gold and currency shipments to and from the bank through the city to the enormous total of $30,566,382,435, a world's record. This money
in gold would weigh 56,547 tons, or more than the total tonnage of the steamer "Majestic." Mr. Allen signed up with
the National City Bank during the presidency of the late
James Stillman. He came with a letter of recommendation
signed by Thomas L. James, ex-Postmaster-General, and
countersigned by the late J. P. Morgan.
The Chatham Phenix National Bank & Trust Co. of New
York announces that Howard G. Keogh, formerly in charge
of the Statistical Department of Eastman, Dillon & Co., has
become associated with the trust company's Investment
DeThe board of directors of the Franklin Society for Home
partment to take charge of new business and statistics.
Mr. Building
& Savings have elected David Bellis a director of
Keogh will be located in the main office at 149 Broadwa
y.
the society. Mr. Bellis is Vice-President of the Comfort
Dana R. Crocker, a member of the Fifth Avenue
office staff Coal & Lumber Co. of Hackensack, N. J., and a director of
of the Guaranty Trust Co. of New York, was appointe
d an the Westwood (N. J.) National Bank, the North Jersey Title
Assistant Trust Officer of the company at that
office at a Insurance Co. and the Bergen County Gas & Electric Co.
meeting of the Executive Committee on Dec. 20.
Guaranty Trust Co. also announces the appointm
Christmas bonuses are being distributed by the American
ent of
Frank E. Dean as an Assistant Treasurer of the
Bond & Mortgage Co., whose Eastern headquarters is
at
company,
345 Madison Avenue, New York, to all the employees of the
and the appointment of Townsend T. McWilliam as
Chief
Clerk. Both appointments were made at a meeting
company in New York, Chicago and in 30 cities througho
ut
of,the
Executive Committee on Dec. 23.
the country where branch offices are located. Distribution
Is on the same basis as in 1925, the bonus being on a graduThe Brussels office of the Guaranty Trust Co.
of New
York opened its doors on Dec. 20 at its new
ated scale determined by the length of service and salary.
quarters,
27 Avenue des Arts, and will henceforth conduct
business
John Bolinger, Vice-President of the National Shawmut
address,
at that
instead of at its former location, 156
Rue Bank
of Boston, and F. M. Thayer, Vice-President and
Royale.
Manager of the Shawmut Corporation returned on Dec.
The Guaranty Co. of New York announced on Dec.
21
20 two on
the Steamship Leviathan, after a two months' liminess
official appointments at its London office—that of
Matthew trip
in Europe.
McConville as Secretary of the London office and
that of
George A. Nickerson as Assistant Secretary of the
London
Announcement was made in Springfield, Mass, on Dec. 21
office. Both appointments were made at a meeting of
the by George H. Kemater, President of the Springfie
ld Safe
Executive Committee of the board of directors on
Dec. 15.
Deposit & Trust Co., that the directors of the institution
had voted to recommend to the stockholders at their forthW. F. H. Koelsch, President of the New Netherland
Bank coming annual meeting
on Jan. 12 that the capital stock of
of New York, announces the election of William H.
Pouch as the institution be increased
from $500,000 to $1,000,000
a director of the bank. Mr. Pouch is President of the
Con- by taking $500,000 from the
surplus account and issuing
crete Steel Co. and of the National Association of
Credit it to the stockholders in the form of
a 100% stock dividend,
Men.
according to the Springfield "Republican" of Dec.
22.
The Seamens Bank for Savings, now in its 98th year, This action, it is understood, will give the bank a capital
of $1,000,000 and surplus and undivided profits
opened the doors of its ninth and new home at 74
of more
Wall
Street Monday morning (Dec. 19) on the site where it has than $1,200,000.
3276
THE CHRONICLE
[vol.. 123.
The Ansonia National Bank of Ansonia, Conn., announces (Dec. 15) increased its capital from $150,000 to $1,350,000,
Union Trust Co. of New Castle.
the death of Charles Frederick Brooker, a director of the and changed its title to the—4
--bank since 1896 and its President since 1915. Mr. Brooker
At a special meeting of the directors of the Norristowna
also
was
He
20.
Dec.
on
Fla.,
died at Daytona Beach,
Penn Trust Co., Norristown, Pa. on Dec. 20, Clayton H.
director in various large corporations.
Alderfer was ousted from the Presidency of the institution.
of Dec. 21, in reporting Mr.
The Newark National Bank (capital $200,000) has just The Philadelphia "Ledger"
that
the action of the directors,
stated
Alderfer's
dismissal,
Ferry
at
located
be
will
bank
The
been granted a charter.
to a statement made by Mr. Alderfer, himself,
and Van Buren streets, in the building already purchased, according
the previous night is "a direct result of the defalcations of
and will open for business as soon after Jan. 1 as alteraJ. Truman Ebert and Walter R. Moyer of more than $200,000
the
with
associated
tions are completed. A group closely
last year." The former President was also quoted as saying:
National Newark & Essex Banking Co., the oldest and
Ever since Ebert and Moyer defaulted, the directors have held me to
largest national bank in New Jersey, had applied to the be responsible. Ebert paid back to the bank the entire amount of bls
of
Morgan
speculations and more. Ebert was with one in the Norristown Trust Co.
Comptroller of the Currency through William L.
before the merger in 1924 with the Penn. Trust Co. I trusted him and
the
for
charter
a
for
counsel,
as
Skinner
&
Pitney, Hardin
with good reason because of his record.
bank
new
the
of
But the directors of the bank were not satisfied with his paying the
Newark National Bank. The management
money back, and there has been storm and strife about it ever since. Rewill be the same as that of the National Newark & Essex. cently
there was a coal transaction in which I was accused of carelessness.
The two will not be competing institutions, the purpose of
No information, it is said, was given out by the directors
convenient
the Newark National being primarily to afford
except a typewritten statement announcing that Mr. Alderbanking facilities for the customers of the older institution. fer's resignation had been "requested, tendered and acselected.
locality
It is hoped to attract new friends in the
cepted." Neither Adam Scheidt, Chairman of the Board
It is expected that the establishment of the new bank will of Directors, nor G. F. Berger, the Treasurer, would make
outlying
in
others
of
be closely followed by the organization
any further statement except to deny that any irregularities
sections of the city similarly allied to the National Newark existed. The "Ledger" further stated that Truman Ebert
& Essex. While the deposits of the National Newark & had the previous day (Dec. 20) been refused a pardon by
Essex Banking Co. recently reached the highest point in its the State Board of Pardons in Harrisburg and that District
122 years of history, Charles L. Farrell, President of the Attorney Frank X. Renniger in opposing the plea for clemNational Newark & Essex, who will be President of the ency, had characterized the thefts as being due to "damnable
Newark National, said on Dec. 21 that outlying banks have greed."
multiplied and prospered in the last few years in part at
On Dec. 17 Oliver C. Fuller tendered his resignation as
the expense of institutions centrally located, not because of
service.
convenient
more
of the board of directors of the First Wisconsin
of
Chairman
because
but
better service
National Bank of Milwaukee; President of the First WisDirectors of the Merchant- s & Manufacturers National consin Trust Co., and Chairman of the Board of the First
Bank of Newark, N. J., on Dec. 22 approved a proposed Wisconsin Co., and as a director in these institutions, to
consolidation of the institution with the Newark Trust Co., take effect the first of the new year. Ill-health forces the
according to the Newark "News" of Dec. 23. The resulting well-known banker to retire and seek a milder climate. Mr.
institution will be known as the Merchants & Newark Trust Fuller announced his intention to resign in the following
Co. and will be capitalized at $2,000,000. The merger communication to the directors of the respective institutions,
plan, it is understood, calls for a stock dividend of 10% as printed in the Milwaukee "Sentinel" of Dec. 18:
rs
The state of my health makes it imperative that I leave Milwaukee and
on the $1,350,000 capital of the Merchants & Manufacture
$500,000
the
of
reside in a milder climate. Therefore I tender my resignation as officer
inclusion
the
then
and
National Bank
and director of your respective institutions, to take effect at the close of
capital of the Newark Trust Co. Share for share in the new business on Dec. 81 1926.
It is with deep regret that I terminate my official connection with these
bank will then be issued and a balance of $15,000 of stock
the institutions, with which I have been associated so many years, and thus
will be offered to the depositors. Stockholders of
sever my relationship with my fellow directors and employees; a relationMerchants & Manufacturers National Bank will be asked ship which has been dslightful to me in every way.
in
The meetings of our directors have seemed more like a gathering of a
to vote on the proposed merger at a meeting to be held
large, harmonious family than an assembly of business men of diversified
February.
The newly organized Hawth-orne Avenue Trust Co.located
opened
at Hawthorne Ave.and Clinton Place, Newark, N.J.
is
for business on Saturday, Dec. 18. This institution
profits
undivided
and
surplus
with
$150,000,
at
capitalized
gratifying
. of $75,000. The opening day's business was very
organization
to the officers and directors. A reference to the
page 1724.
of the institution appeared in our issue of Oct. 2,
F. Murray,
The officers are Leopold Jay, President; John
Jr.,ViceJr., Morris Herbst and Frank R.
E. Flink,
Julius
Treasurer;
Presidents;residents; Jacob H. Meyer,
Counsel.
Jay,
Frederick
Secretary;
Interests.
The words sorrow and regret inadequately express my emotions at the
thought of parting with so many friends and companions of the better part
of a lifetime.
Wherever I may be in the flesh, in spirit I shall always remain a loyal
member of your family.
Cordially and faithfully yours,
OLIVER 0. FULLER.
Mr. Fuller's resignation was received with deep regret
by his associates, Walter Kasten, President of the First Wisconsin National Bank, being quoted in the "Sentinel" as
saying in this regard:
On account of his health, Mr. Fuller has found it necessary to resign as
executive head and director of the First Wisconsin National Bank, First
Wisconsin Trust Co. and First Wisconsin Co. I have been closely aseoelated with him for over twenty years in various fields of activity and no
Trust Co. one could be associated with him for that length of time and not learn to
At a meeting of the directors of the Commercial
21, the regular quar- love and respect him. Mr. Fuller has been very active in all civic and
of New Jersey, Jersey City, held Dec.
of the city, and it is the hope of all his associates that
2% were de- financial affairs
terly dividend of 4% and an extra dividend of
the Southern climate will restore him to his former good health.
record Dec.
clared payable Jan. 3 1927 to stockholders of
Mr. Fuller, according to the "Sentinel," went to Milwau1926.
kee in 1891 and in 1893 established the firm of Oliver 0.
27
Fuller & Co. to do an investment banking business. Ten
announced on
The First National Bank of Philadelphia
years later he organized the Wisconsin Trust Co. (which
undivided
from
Dec. 23 that it has transferred $750,000
absorbed his own firm) and became President of the Instiprofits to surplus. The bank now has
81,950,000 tution. Upon the consolidation of the First National Bank
Capital
4,000.000 and the Wisconsin National Bank in July 1919, under the
Surplus
1.000,000
title of the First Wisconsin National Bank, Mr. Fuller was
Undivided profits
56,000.000
Deposits
elected President of the institution and in August of the
Dec. 16 to the same year also was made President of the First Wisconsin
A special dispatch from New Castle, Pa., on
the National Trust Co., which was formed through the merger of the
of
s
stockholder
that
stated
"Post"
Pittsburgh
the pre- First Trust Co. and the Wisconsin Trust Co. In January
voted
had
city
that
Bank of Lawrence County in
First Na- 1920 Mr. Fuller organized the First Wisconsin Co., which
vious day to consolidate the institution with the
The name is the investment banking unit of the First Wisconsin group,
tional Bank, the merger to go into effect at once.
Bank of and became President of that organization also, In JanuNational
of the resulting institution is the First
sur- ary 1922 he was elected Chairman of the Board of the lastwith
$1,000,000,
at
capitalized
is
Lawrence County. It
dol- named institution, and in January 1924 Chairman of the
thousand
hundred
plus of like amount, and has several
stated Board of the First Wisconsin National Bank. Mr. Fuller
larilu undivided profits, it is said. The dispatch also
in Atlanta, Ga., and received his education .in
that the Safe Deposit & Trust Co. of New Castle, an institu- was born
private schools in that city and the University of
and
public
day
same
tion allied with the merging banlis, had on the
DEC. 25 1926.]
THE CHRONICLE
Georgia. He began his career as a clerk in the wholesale
grocery business of his father, later being admitted to partnership. From 1886 to 1889 he was a member of the firm
of Jones & Fuller, bond dealers. In addition to his banking
Interests, Mr. Fuller is a director of the Allis-Chalmers Co.,
Milwaukee Mechanics Insurance Co., Wisconsin Telephone
Co., Wisconsin Securities Co. and a trustee of the Northwestern Mutual Life Insurance Co. He has been active in
the American Bankers Association and is at present serving
on several committees of that organization. In 1910 he was
President of the Trust Company Section of the American
Bankers Association.
The St. Louis "Globe-Democrat" of Dec. 17 stated that
George R. Hunsche, a Vice-President and a director of the
Title Guaranty & Trust Co. of St. Louis since its absorption
in May 1923 of the Hunsche-Buder Land Title Co., of which
he was President, will sever his connection with the institution to become on Feb. 1 1927 a Vice-President of the Lafayette South Side Bank of St. Louis, according to a statement made on Dec. 16 by A. C. F. Meyer, President of the
Lafayette South Side Bank. Mr. Hunsche, it is said, will
have charge of the real estate loan department of the institution.
At the annual meeting of the Mississippi Valley Group of
the Investment Bankers Association, held recently in St.
Louis, the following officers and members of the Executive
Committee were elected:
Harry F. Stix, Chairman; John R. Longmire, Vice-Chairman; Oliver J.
Anderson, Secretary-Treasurer. Executive Committee: Walter W. Ainsworth, Federal Commerce Trust Co.; Samuel C. McCluney, McCluney
Co.; Roy W. Hanle, Wm. R. Compton Co.; John E. Riley, Francis, Bro.
& Co.; Charles Scudder, Whitaker & Co.; Garfield J. Taussig, Taussig,
Day, Fairbank & Co.; Henry T. Ferriss, ex-officio; Kelton E. White, exofficio.
The Iowa Loan & Trust Co. of Des Moines, one of the
largest banking institutions in that city, failed to open on
Dec. 20, according to advices by the Associated Press on that
date printed in the New York "Times" of Dec. 21. Closing
of the institution, the dispatch said, was decided upon after
an unsuccessful attempt by the Des Moines Clearing House
to effect a consolidation with another local bank. A committee of the local bankers appointed by officers of the
Clearing House is working on a plan for liquidation which
the committee hopes will result in no loss to the depositors.
Excessive investment in real estate and frozen assets are
given as the principal causes of the closing. Inability to
collect on outstanding loans also was a contributing factor.
The institution was capitalized at $500,000, with surplus of
like amount and had deposits of apprOximately $7,000,000.
D. H. McKee was President. Representatives of the State
Banking Department are in charge.
According to the Los Angeles "Times" of Dec. 15, Edward
Dale, Vice-President and General Manager of the Safeway
Stores for Southern California, was elected a director of the
Seaboard National Bank of that city on Dec. 14.
The West Hollywood National Bank, Hollywood, Cal., at
the close of business on Saturday, Dec. 18, was merged with
the Pacific-Southwest Trust & Savings Bank of Los Angeles,
and opened on the following Monday, Dec. 20, as the Santa
Monica and Fairfax branch of the Pacific-Southwest Bank.
C. L. Lamping, former Vice-President and Manager of the
West Hollywood National Bank, is Manager of the new
branch and A. M. Meyers, former Vice-President, is Assistant Manager. A recent statement showed that the West
Hollywood National Bank has resources in excess of $900,000. The First National-Pacific-Southwest Banking Group
has resources, as shown by the statement of condition of
June 30 last, in excess of $310,000,000. Under this statement,
the Pacific-Southwest Trust & Savings Bank showed total
resources of $211,284,230 79; the First National Bank of
Los Angeles $98,582,424, and the First Securities Co., capital and surplus, $600,000. The*capital of the First Securities
Co. was recently increased to $1,000,000, making capital
and surplus $1,100,000. The West Hollywood National
Bank was organized on Nov. 26 1920. The First NationalPacific-Southwest Banking Group, of which the West Hollywood National becomes a part, has been a leader in that
section for more than half a century. This great banking
group dates from 1875, when the Commercial Bank was
organized in Los Angeles, then a small city of 10,000 persons. In 1880 this bank became the First National Bank of
Los Angeles and obtained a national charter. The Los An-
3277
geles Trust Co. was organized in 1902 and later became the
Los Angeles Trust & Savings Bank, which name in turn, in
1922, was changed to that of the Pacific-Southwest Trust &
Savings Bank, a name more completely descriptive of the
large territory the organization serves. Henry M. Robinson, an international figure, is President of the First National, and Charles F. Stern, a former bank superintendent
of California, is President of the Pacific-Southwest Bank.
The Pacific-Southwest has branches in 47 cities from Fresno
to El'Centro and has 40 branches in Los Angeles and Hollywood.
According to the Toronto "Globe" of Dec. 18, the National
Trust Co. of that city has announced to its shareholders that
in order to meet the growing demands of the company's business, it has been decided to increase the paid-up capital from
$2,250,000 to $3,000,000 by offering to the shareholders 7,500
new shares (at present authorized but unissued) of the par
value of $100 at the price of $175 per share. At a meeting
of the directors held on Dec. 17 the usual quarterly dividend at the rate of 12% per annum for the period ending
Dec. 31 1926 was declared.
The Standard Bank of Canada, General Manager's office,
Toronto, announces that the bank has declared a dividend
for the current quarter ending Jan. 31 1927 at 3%, being
at the rate of 12% per annum upon the paid-up capital stock
of the bank, and which is to be payable on and after Feb. 1
1927, to shareholders of record as of Jan. 15 1927. The
annual general meeting of the shareholders will be held at
the head office of the Bank in Toronto on Wednesday Feb.23
at 12 o'clock.noon.
We are in receipt of the annual report of the National
Bank of Scotland, Ltd. (head office Edinburgh), covering
the fiscal year ending Nov. 1 1926. The statement, which
was presented to the proprietors of the institution at their
annual general meeting on Dec. 16, shows net profits, after
providing for all bad and doubtful debts, rebate of interest,
etc., of £284,777. To this sum was added £64,221, representing the balance brought forward from the preceding year,
making together £348,998 available for distribution. Out
of this amount it was resolved to appropriate the following
sums: 1140,800 to pay a dividend at the rate of 16% per
annum (this being exclusive of income tax of £35,200) ;
£50,000 to reserve fund; £30,000 to heritable property account; £55,000 to the officers' pension fund and £5,000 to
bank's annuity fund, leaving a balance of £68,198 to be
carried forward to next year's profit and loss account. The
bank's total resources are shown in the statement as £36,263,500. The subscribed capital of the institution is 0,000,000, of which £1,100,000 is called up; £900,000 uncalled, and
0,000,000 reserve liability, while the reserve fund now
stands at £1,400,000. The National Bank of Scotland, Ltd.,
Is affiliated with Lloyd's Bank, Ltd. The Right Hon. the
Earl of Ronaldshay is Governor of the institution, having
succeeded during the year under review the late Duke of
Montrose, K.T., who had held the office for 20 years and
whose death is recorded in the report with deep regret.
William Carnegie is General Manager.
We have also received the annual statement of the Commercial Bank of Scotland, Ltd. (head office Edinburgh), for
the fiscal year ended Nov. 1 1926 as presented to the shareholders of the institution at their annual general meeting on
Dec. 16. After providing for rebate of discount and interest and for all bad and doubtful debts, net profits for the
twelve months were £326,695, which when added to £75,149,
the balance to credit of profit and loss brought forward
from the preceding fiscal year, made the sum of £401,844
available for .distribution. Out of this amount, the report
shows, there was applied in July in payment of the semiannual dividend on the "A" and "B" shares at the rate of
16% and 10%, respectively, £100,000 (under deduction of
Income tax £25,000), leaving a balance of £301,844, which
the directors recommended be distributed as follows: £100,000 to pay the second half-yearly dividend on the "A" and
"B" shares at the rate of 16% and 10%, respectively (under
deduction of income tax £25,000); £50,000 to be added to
reserve fund; £25,000 to be credited to officers' retiring
fund, and 150,000 to be applied in reduction of the cost of
the bank's properties, leaving a balance of £76,844 to be
carried forward to the next year's profit and loss account.
The bank's total assets on Nov. 1 1926 were £41,535,515.
while total deposits were £33,180,028. The paid-up capital
3278
THE CHRONICLE
[VoL. 123.
of the institution is £1,750,000 and its reserve fund £1,850,The San Francisco "Chronicle" of Dec. 16 stated that two
000. The Earl of Mar and Kellie, K.T., is Governor, and new banks were purchased by the Bancitaly Corporation
Alexander Robb, General Manager.
(the holding company of the Bank of Italy) on the previous
Controlling interest in the Union National Bank and the
Union Trust & Savings Bank, Ames, Iowa, was on Dec. 8
purchased by a syndicate composed of George G. Goodnaw
of Chicago and A. H. Munn, J. G. Tilden and C. G. Lee, of
Ames, according to a dispatch from Ames on that date,
printed in the Des Moines "Register" of Dec. 9. Tile stock
purchased by the syndicate, the dispatch said, is that of the
estate of W. M. Greeley, deceased, former President of the
Union National Bank, which has been released from the
hands of trustees after a period of ten years. The reorganized banks will have a combined capital and surplus of
$137,500. Mr. Goodnaw has been named Chairman of the
board of directors, Mr. Tilden, President, and D. W. Atkinson, formerly Cashier of the Jamaica Savings Bank of Jamaica, Iowa, has been made Vice-President with active
supervision of the two institutions, it was said.
day and added to the chain of Giannini institutions, shortly
to be merged into one gigantic institution. These banks
are the First National Bank of Pittsburg, Calif., and the
Bank of Mill Valley, Calif. Continuing the "Chronicle"
said in part:
Addition of these two banks to the Gianini chain brings the total past
150. and strengthens the position of the institution as the greatest branch
bank in the nation. Incidentally, it adds $1,800.000 to deposits and
$2,000,000 to resources.
The First National Bank of Pittsburg has a capital of $75,000, a surplus
of $5,000 and undivided profits of $10,789. Outside of a branch of the
Mercantile Trust Co., it is the only bank in that city, and is one of the
best-thought-of institutions in the north bay region. Its resources are in
excess of $800,000 and its deposits above $700,000.
The Bank of Mill Valley is the only bank in the suburban city. It has
a $100,000 capital, a $31,500 surplus and undivided profits of $10,969.
The resources total $1,135,172, and the deposits approximate $1,000.000.
The South Carolina Loan & Trust Co. at Charleston closed
its doors on Dec. 16, according to an Associated Press dispatch from Columbia, S. C. on that date, appearing in the
The Bank of Crittenden County, Marion, Ark., an instituNew York "Journal of Commerce" of the following day.
tion capitalized at $100,000 and with deposits of $725,000,
was taken over by Loyd Rainwater, State Bank CommisThe First National Bank of Plattsmouth, Neb., said to
sioner, on Dec. 6, according to the Memphis "Appeal" of be one of the oldest financial institution
in that State, was
Dec. 7. The low price of cotton and frozen loans were given closed by order of its directors on Dec.
14, according to a
as causes of the failure.
special dispatch from that place to the Omaha "Bee" on
Dec. 15, which said in part:
The Fayette County Bank at Somerville,
Tenn., said to be
one of the oldest banks in that section of the State, closed
its doors and placed its affairs in the hands of State bank
examiners on Dec. 9, following a "run" begun on that day.
The bank had a paid-in capital of $60,000 and deposits aggregating $252,000. W. T. Loggins, the bank's President,
was quoted in the Memphis "Appeal" of Dec. 19 as saying:
"I think the depositors will be paid dollar for dollar." According to Mr. Loggins, frozen loans, the low price of cotton
and the "run" by uneasy depositors brought about the failure of the institution.
William F. Augustine, a V- ice-President of the First &
Merchants' National Bank of Richmond, Va., was recently
elected a Vice-President of the National Shawmut Bank of
Boston and plans to assume his new duties at the first of
the year. According to the Richmond "Dispatch" of Dec. 10,
Mr. Augustine has been connected with what is now the
First & Merchants' National Bank for 26 years. He entered
the Merchants' National as a clerk in 1901, became Cashier
in 1912 and Vice-President in 1918. Upon the consolidation
of the First National Bank and The Merchants' National
Bank at the beginning of the present year Mr. Augustine
continued as a Vice-President of the enlarged bank. The
Boston "Herald" of Dec. 10 points out that Mr. Augustine
has been Secretary of the Virginia Bankers' Association for
several years, and is actively identified with the Clearing
House Section of the American Bankers Association.
An Associated Press dispat-ch from Clarksdale, Miss., on
Dec. 13 appearing in the New York "Journal of Commerce"
of the following day, stated that the Commercial Bank of
Clarksdale was closed on that day and turned over to the
State Banking Department for liquidation. J. 0. Lamkin,
President, declared that general conditions, slow collections
and a decline in deposits caused the failure, but that all
depositors would be paid in full. The bank was capitalized
at $200,000, and Mr. Lamkin said its deposits amounted to
approximately $430,000.
-to the Coral Gables National
A charter has been issued
Bank, of Coral Gables, Fla., by the Comptroller of the Currency. The institution, which began business Nov. 24, has a
capital of $100,000 and surplus of $25,000. The officers are
T. F. McAuliffe, President( also Vice-President of the First
National Bank, Miami); J. L. Griffin, Vice-President (also
Vice-President of the First National Bank of Miami); Robert L. Hall, Cashier, active in charge (formerly Assistant
Vice-President First National Bank, Miami).
That two banks in Green
-County, Ark., had closed on
Dec. 23, namely, the Paragould Trust Co., at Paragould,
and the Bank of Marmaduke, at Marmaduke, was reported
in a press dispatch from Paragould, printed in the "Wall
Street News" yesterday, Dec. 24, which went on to say:
The affairs of the Paragould Trust Co. were placed in the hands of
the State Bank Examiner. It had a capital and surplus of $150,000 and
deposits of approximately $400,000. The Bank of Marmaduke was capitalized at $15,000 and held deposits of about $55,000.
The action of the directors is believed to be an indirect result of a suit
filed Monday in District Court against the bank by Mis U. Gering, the
County Treasurer.
She seeks to recover about $20,000 of county deposits, which she declares
in her petition are in excess of the sum protected by bond. This extra
money was placed in the bank on Dec. 2.she alleges, upon the promise of
directors of the institution to provide sufficient additional bond to cover it.
This was not done the county treasurer asserts, and her petition asks
restoration of the sum on the ground that it was obtained fraudulently.
A mild run upon the bank followed the filing of this suit. There was
no general effort on the part of depositors to withdraw funds, however.
and the bank was kept open during the usual business hours on Tuesday.
Owners of checking accounts were permitted to withdraw their funds. but
requests for time deposits were refused.
When the doors were closed at 1 p. m.,the expiration of the usual banking
period, a sign was hung in the door to announce the closing of the doors and
assignment of the affairs of the institution to the national bank examiner.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has displayed more or less
irregularity the present week, though trading has been
moderately brisk, particularly on Thursday and Friday, and
a substantial number of new high levels have been recorded
by some of the more active speculative stocks. Brisk
trading in some of the more popular stocks and a number of
specialties was again the feature of the two-hour session on
Saturday. Railroad stocks maintained a prominent place
in the trading throughout the day, Atchison reaching a now
top with an advance of more than five points. New York
Central also was in strong demand and bounded forward to
a new high for the year at 147. Reading made a further
gain to a new high for recent trading at 101. In the specialties group, Pullman and United Drug Syndicate made sharp
advances, the latter making a net gain of four points.
Irregular price movements characterized the trading in the
forenoon on Monday and many of the stocks prominent in
last week's transactions suffered severe losses. At the close
United States Steel common was selling more than a point
lower and General Motors also more than a point. Railway
shares, local traction stocks, and food issues were in strong
demand; Atlantic Coast Line moving forward 33/i points
followed by N. Y. Chicago & St. Louis with a gain of 1%
points and Chesapeake & Ohio with an advance of 3 points.
Local traction stocks moved into the foreground on Tuesday and substantial gains were scored by several of these
issues. The movement in Motor stocks was somewhat
mixed, General motors advancing two points or more while
Mack Truck and several of the lower priced stocks moved
downward. Railroad shares were particularly prominent,
especially the Nickel Plate group, which were in sharp
demand at advancing prices.. Chesapeake & Ohio led the
forward movement with an advance of 2 points, followed by
Erie first preferred which made a similar gain. Other
strong stocks were J. I. Case Threshing Machine, Texas
Gulf Sulphur, International Telephone & Telegraph and
Third Ave. Railroad. Prices held up well on Wednesday
though trading was much quieter. Motor shares were the
center of interest, Hudson Motors making a net gain of 23
points and General Motors closing with a net gain of
points while Nash Motors made a new high for the year at
96. United States Cast Iron Pipe & Foundry made a net
THE CHRONICLE
DEC. 25 1926.]
3279
gain of 43 pionts. Oil stocks were lower, most of the active
stocks falling back a point or more. Baldwin Locomotive
was one of the outstanding features of the trading on Thursday and moved briskly forward to 167 at its high for the day,
and passing its previous high record by nearly 2 points.
Railroad shares were irregular, though Atchison advanced
to a new high at 1703 and there was considerable buying of
New York Central which gained 2 points to 144. Motor
stocks continued to show improvernent, General Motors
moving forward about 2 points and selling at 154followed by
Hudson Motors with a 2 point advance. Dodge Bros.,
Jordan, Packard, Pierce Arrow and Mach Trucks also
also recorded substantial advances. Nash Motors reached
another new peak for the year at 71. Industrials of the
specialty type continued to work upward, Collins & Aikman
preferred and common hitting the highest top so far reached.
Other strong stocks in this group included Warner Bros.,
Class A stock, International Telephone & Telegraph and
American Smelting. Radio Corp. was prominent in the
trading and Oil shares, including such stocks as Marland,
Pan American B, White Eagle and Atlantic Refining Co.
made further progress. United States Steel common
improved about 134 points.
The market was fairly buoyant on Friday and under the
leadership of General Motors, Steel and some of the specialties moved 'steadily forward. The sales reached 1,474,500
shares and many new high levels for the year were recorded
by some of -the more active speculative stocks. Practically
every department felt the upward surge, General Motors
being especially conspicuous on account of its rise of 3U,
points to 15834. The outstanding strong stocks included
Baldwin Locomotive, United Drug, International Harvester
and du Pont. The final tone was strong.
advanced from 10 to 133
% and sold finally at 1334. The new
pref. rose from 43 to 64 and the old pref. from 55 to 64, the
last mentioned closing to-day at 63. Ohio Oil sold up from
60% to 64 and at 6331 finally. Prairie Oil & Gas was active
3 the close to-day being
and strong, advancing from 50 to 54%,
at 533. Prairie Pipe Line gained over 10 points to 13534.
Standard Oil (Indiana) was up from 66Y to 703 and finished
to-day at 6934. Carib Syndicate fell from 2634 to 23 but
recovered to 25%, the close to-day being at 2534.
A complete record of Curb Market transactions for the
week will be found on page 3310.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
5334
Week Ended
Dec. 24.
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
State,
Municipal &
Foreign Bonds.
United
States
Bonds.
1,227,922
1,958,264
1,321,410
1,402,981
1,532,976
1,474,500
5,652,000
7,966,500
8,805,500
8,241,000
6,001,000
4,520,000
1,520,000
3,411,500
3,436,500
2,393,000
2,782,000
993,000
6491,000
969,000
1,100,900
688,500
725,750
709,000
8,918,053
341,186,000
514.536.000
34.684.150
Week Ended Dec. 24.
Stocks-No, of shares_
Bonds.
Government bonds.__
State dr foreign bonds_
Railroad & misc. bonds
Total bonds
Railroad,
&c.,
Bonds.
Jan. 1 to Dec. 24.
1926.
1925.
8,918,053
6,983,402
443,704,597
439,165,973
54,684,150
14,536,000
41,186,000
54.534.500
9,024,500
28,529,500
$251,840,650
604.810.450
1,973,944,100
$346,735,360
687,696,000
2,857,794,875
1926.
1925.
360,406.150 $42,088,500 $2.830,595.200 $3,892.226,235
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston,
Week Ended
Dec.24 1926.
Saturday '
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares, BondSales. Shares. BondSales. Shares. BondSales.
'24,713
*34,032
*26,236
*26,831
*25,182
5,616
$10,000
15,000
14,550
11,000
10,000
18,000
22,228
50,905
53,565
21,876
27,677
21,546
$15,500
28,700
31,300
24,600
15,600
20,000
01,133
03,791
a2,415
a1,968
01,605
a 788
$7,000
25,000
27,100
25.000
25,000
142,610
578,550
197,797
$135,700
11,700
$109.100
Prey, week revised
178.025 $111.750
6.561 5125.450
17.691 3149.300
•In addition, a tea of rights were: Saturday, 404; Monday, 272; Tuesday, 86'
Wednesday, 840; Thursday. 138.
a In addition, sales of rights were: Saturday, 489; Monday, 1,238; Tuesday
1,936;,Wednesday, 3.323; Thursday, 1.480; Friday, 1,275.
THE CURB MARKET.
A strong undertone continued this week in Curb Market
trading and prices held fairly well. The volume of business
declined with the approach of the Christmas holiday.
Johns-Manville continued a feature and on active trading
advanced some 39 points to 220, the close to-day being at
209. The new stocks "when issued" were traded in, the
common dropping at first from 52 to 503
4 then advancing
to 623( with a final reaction to 5834. The preferred gained
2 points to 117 and sold finally at 116y. Victor Talking
Machine was a strong feature, moving up from 147 to 155,
the close to-day being at 152. American Piano corn. rose
from 225 to 275 and finished to-day at 273. Ford Motor
of Canada registered a gain of 20 points to 435, the final
transaction to-day being at 429. Warner Bros. dropped
from 33 to 28%,recovered to 323
4,and ends the week at 32..
Price changes in public utility issues were generally at higher
levels though trading was quiet. Among oil shares Buckeye
Pipe Line sold up from 46 to 5034. Galena-Signal Oil corn.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No Shares).
BONDS (Par Value).
Week Ended Dec. 24.
Ind & Misr
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
00.
Domestic. For'n
Goa.
46,030
133,510
106,980
147.675
171,650
90,640
62,730
188,015
125,450
146,520
89,555
125,290
175,630 $1,359,000
118,650 2,032,000
92,500 2,177,000
89.510 1,564.000
114,270 1,610,000
41,000
841,000
696,485
737.560
631.560 $9,583,000 $2,095,000
$196,000
566,000
366,000
360,000
265,000
342,000
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Wed., Thurs., Fri.,
Sat.,
Mort., Tues.,
London,
Dec. 18. Dec.20. Dec. 21. Dec. 22. Dec. 23. Dec. 24.
Week Ended Dec. 24.
24 11-16 24)(
249-16 2434
d 24 11-162434
Silver, per oz
84.1134 84.1134' 84.1134 84.1134 84.1134 84.1134
Gold, per fine ounce
54
54
54
5434
54
Consols, 234 per cents
I0036
10034
10034
10034
British 5 per cents
10034
94
9434
9334
9336
9334
British 414 per cents
53.40
54.25
53.50
53.50
55.50
French Rentes(in Paris)._ fr_ ____
59.97
59.90
60
59.70
58.90
French WarLoan(inParis)Jr. ____
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cts.):
Foreign
5334
5336
5334
9334
5334
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show a small
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Dec. 25), bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will be 3.0% larger than for the corresponding
week last year. The total stands at $8,590,455,775, against
$8,341,830,831 for the same week in 1925. At this centre
there is a gain for the five days of 3.7%. Our comparative
summary for the week is as ollows:
Clearings-Returns by Telegraph.
Week Ended December 25.
1926.
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
54,817.077,857
665,661,856
498,000,000
397,000,000
133,277,616
127.500,000
142,748,000
147,127.000
165,801,481
139,089,293
94,944,491
89.298.815
59,471,961
$4,644,551,782
564,114,032
478,000,000
359,000,000
129.602,975
131,900,000
165,001,000
144,992,000
166,040,315
149,042,043
93,448,370
68,634,358
55,678,090
+3.7
+17.9
+4.1
+10.5
+2.8
-3.4
-10.4
+1.5
--0.1
-6.7
+1.6
+30.1
+4.9
Thirteen cities, five days
Other cities, five days
$7,481,998,370
1,108,457,405
57.150,004.965
1,191,825.866
+4.6
-7.2
Total &Betties, five days
All cities, one day
$8,590,455.775
Holiday
58,341.830,831
Holiday
+3.0
Total all cities for week
58.590.455.775
$8.341.830.831
4-3.0
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. 18. For
that week there is an increase of 0.8%, the 1926 aggregate
of clearings being $11,604,382,920 and the 1925 aggregate
$11,506,095,381. Outside of New York City, however,there
is a decrease of 5.0%, the bank exchanges at this centre
having shown a gain of 5.3%. 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 has an improvement of 14.3%, the New York
Reserve District (including this city) of 5.3%, and the
Cleveland Reserve District of 1.9% The Philadelphia Reserve District shows a loss of 5.9%, the Richmond Reserve
District of 8.7% and the Atlanta Reserve District of 24.7%,
3280
THE CHRONICLE
the latter due mainly to the decrease at the Florida points
Miami having a loss of 64.8% and Jacksonville of 33.3%.
In the Chicago Reserve District the totals are smaller by
4.6%, in the St. Louis Reserve District by 31.1%, and in
the Minneapolis Reserve District by 19.0%. For the Kansas
City Reserve District there is a decrease of 5.1%, for the
Dallas Reserve District of 6.9%, and for the San Francusci
Reserve District of 3.5%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec.18 1926.
Inc.or
Dec.
1925.
1926.
1923.
1924.
Federal Reserve Diets.
$ .
$
$
%
let Boston__ _12 cities
591,136,083 +14.3
553,244,236
675,724,703
2nd New York _11 "
7,041,155,231 6,687,228,644 +5.3 6.466,155,831
3rd Philadelphial0 "
709,517,850 -5.9
674,326,025
667,461,906
ath Cleveland__ 8 "
456,699,665 +1.9
414,102.590
465,312,152
5th Richmond. 8 "
230,626,372
241,601,690 -8.7
219,526,977
6th Atlanta_ _._13 "
248,042.593
236,423,2131
314,097,143 -24.7
1,858,547,071 1,057.016,637 -4.6
948,181,462
7th Chicago _ -20 "
8th St. Louis __ 8 "
247,905,466
190,993,276
277,140,586 -31.1
9th Minneapolis 7 "
153,514,058
128,930,819
159,216,935 -19.0
10th Kansas City12 "
257,694,963
278,842,259
293,735,638 -5.1
11th Dallas
86,639,801
6 "
94,823,871 -6.9
88,280,582
12th Ban Fran_ _17 "
507,220,506
623,850,639 -3.5
602,085,268
$
510,793,816
4,955,784,523
570,546.855
387,543,193
205,898,729
225,508,260
889,685,966
236,080,325
130,191,271
248,979,979
72,263,978
494,609,995
Total
129 cities 11,601,362,920 11,506,095,381 +0.8 10,776,545,518
4,713,448,382 4,962,978,503 -5.0 4,443,406,950
Outside N. Y. City
8,927,886,889
4,108,376,264
flansula
90 01t1001
'174 si A 110
419 557 sas
-8.7
392.295.072
377.716.525
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Deg. 18.
Clearings at1926.
1925.
Inc. or
Dec.
First Federal Reserve Dist net-Bosto 0Me -Bangor. _
797,653
762,262 +4.6
Portland
3,996,858
4,006.634 -0.3
Mass.-13oston _ _ 614,000,000 533,000,000 +15.2
Fall River__ _ _
2,263,288
2,479,739 -8.7
Holyoke
a
a
a
Lowell
1,505,107
1,349,297 +11.5
Lynn
a
a
a
New Bedford._
1,277,458
1,762,028 -27.5
Springfield. _ _
6.178,346
5,959,854 +3.7
Worcester
4.174.441
4.276,375 -2.4
Conn.-Hartford.
16.853,512
15,312,994 +10.0
New Haven_ _
7,650,469
6,930,132 +10.4
20.2.-Providence
16,062,300
14,571,700 +10.2
N.10.-Manchee'r
965.271
725,068 +33.2
Total(12 cities)
675.724,703
591,136,083 +14.3
1924.
1923.
663,070
3,214,606
500,000.000
2,530,969
a
1,251,407
a
2.095,678
5,470.030
3.806,000
13.314,826
7,038,150
13,074,800
784,700
775.106
2,999,468
460,000.000
2,417,541
a
1,385,794
a
1,516,200
4.580,995
3,817,000
12,269.954
6,742,821
13,547.400
741,537
553,244,236
510,793,816
Second Feder al Reserve D istrict - Ne
N. Y.-Albany _ _
6,667,649
6,569,035
Bingharnton_ _ _
1,125,400
1,122,900
Buffalo
58,341,751
59,543,390
Ella Ira
1,010,505
891,980
Jamestown__
c1,412,185
1,517,658
New York.._ 6,890,934,538 6,543,116,878
Rochester
13,244,152
13,089,793
Syracuse
6,701,371
5.798.362
Conn.-Stamford
c3,601,242
3,452,858
N. J.-Montclair
950,739
1,210,920
Northern N. J_
57,165,699
60,914,870
w Yor 1E-+1.5
6.158,560
4,197,743
+0.2
948,100
1,004,600
-2.0
54,836,817
52,009,923
+13.3
791,760
734,020
-7.0
1,471,917
1,137,663
+5.3 6,333,138,568 4,819,510,625
+1.2
11,625,150
11,291,51
.
6
+15.6
4,943,416
4,169,934
+4.3
3,087,248
3,277,159
-21.5
813,014
476,903
+12.3
48,292,281
57,914,436
Total(11 cities) 7,041.155.231 6.687.228,644
+5.3 6,466,106,831 4,955,784,522
Third Federal Reserve Dist net
Mita delphi aPa.-Altoona....
1,639,538
1,459,341
+3.7
1,580,330
Bethlehem _ _ _ _
4,497,042
4,216,048
4,568,536 -1.5
Chester
1.406,893
1,682,615 -16.4
1,410,733
Lancaster
2.190.147
2,798,057 -21.7
2,570,456
Philadelphia... 633.000,000 674,000,000 -6.1 641,000.000
Reading
3,882,241 +28.1
4,975,250
3,307,644
Scranton
6,759,288
5.653,807 +19.5
6,752,930
Wilkes-Barre_
d3,176,683
4,353.332 -27.0
4,337,559
York
2,132,442
+5.3
2.025,219
1,806,525
N.J.-Trenton_ _
7,684,623
8,975,713 -14.4
7,471,789
Del.-V1 ilnatng'n.
a
a
a
a
Total(10 cities)
667,461,906
709,517,850
-5.9
7,662,000
4,713,789
68,688.267
111.919.035
15,933,800
a
a
1,880,599
a
a
3,890,639
a
172,855,064
1,913,535
a
a
4.538,609
a
182,237,101
1.740,134
11,044,895
68,041.000
3,393,552
108,988,548
26,318,848
Total(6 cities) _
220,626,372
456,699,685
241.601,690
Sixth Federal Reserve Dist rict-Atlant aTenn.-ChatVga
8,642,987
d8,098,285
Knoxville
3,573.477 -7.7
.3,300,000
Nashville
23,721,681
25,274.250 --6.2
62.115,359
91,556,931 --32.2
Augusta
2,521,933 --2.3
2,463,397
4-2.0
Macon
2,197,390
2,240,662
a
Savannah
a
a
Fla.-Jack'nville.
27.466,928
41,180,215 --33.3
Miami
9,674,339
27,455,733 --64.8
27,927,480
31,990.789 --12.7
Mobile
2,296.166
2,630,145 --12.7
Miss -Jackson..
2,233,000
1,932.261 +15.6
457.639
Vicksburg
470,383
La.-NewOrleans
74,670,649 -13.7
64.428,345
Total(13 cities)
236,423,281
314,097,143 -24.7
219,526,977
7,649.024
3,154,000
23,085,987
76.386,530
2,688,353
2,054,477
a
19,779,783
7,246,800
32,412,820
2,173.057
1,461,000
598.343
69,352,419
248,042,593
948,181,462
889,685,966
5,272,267
154,959,794
36.534,265
727,963
31,296,911
17,190,623
521,176
1,402,467
5,268.291
154,051,835
32,905,334
690,031
27,942,787
13,519,351
336,235
1.366,461
Total(8 cities). 190,993,276 277,140,586 --31.1
Ninth Federal Reserve Die trict- Minn eapcdis
Mints -Duluth..
13.200.876 -43.3
7,486,253
77.638,921 100.407,530 --22.7
Minneapolis--37.661,950 --3.2
St. Paul
36.472,106
No. Dak.-Fargo
1,945.081 --1.1
1,923,265
S. D.-Aberdeen.
1,669,242 --10.4
1,495,759
Mont -Billings.
697,618 --7.0
649,183
3,634,638 --10.2
3,265,332
Helena
247,905,466
236,080,325
12,707.568
96.864.633
36,746,167
2,067,833
1,575.368
524,583
3,037,916
8,356,532
75,115,516
39,186,773
1,956,921
1,431,069
638,897
3,605,563
Total(7 cities)- 128,930.819 159,216,935 -19.0
Tenth Federal Reserve Dia trict-Kens as city
d424,042
Neb.-Fremont _
413,758 4-2.5
Hastings
477,847
675,339 --29.3
Lincoln
4,953,185 +4.2
5.159,950
Omaha
39,401.726
45,509,789 --13.4
Kan.-Topeka
3,608.499 --6.2
3,421,794
Wichita
8,943,139 --8.1
d8,217,506
Mo.-Kan. City. 158,264,478 160,920,570 ---1.7
St. Joseph_ _ _
8,056,838 --10.9
d7,176,673
a
a
a
Okla.-Muskogee
37,158,662 -12.2
Oklahoma City d32,639,949
a
a
Tulsa
Colo.-Col. Spgs.
1,255,025 -13.9
1,080,390
Denver
21,109,703 +1.3
21,391,1.95
Pueblo
1,131,131
+4.9
1,186,809
153,514,068
130,191,271
404,463
457.637
4,140,896
40,097,922
2,835,216
8.124,000
137.453,881
7,921,570
a
33,340,273
a
1,038,445
20,609,337
1,071,323
413,463
538,678
3.900,659
39,654,854
2,525,641
7,395,868
138,045,048
7,581,853
a
26,376,279
a
1,1,95.122
20,599,469
852.445
257,694,963
248,979,979
1.801,964
48,103.645
16,534,131
14,427,099
a
5,772,962
1,877,516
41,513.682
12,920,461
10,784,559
a
5,167,760
86,639.801
--6.9
Franc' SCO-41,979,090
--17.0
11,562.000
--10.3
a
a
1,311,406
--8.0
36,558,408
--4.2
18,512,668
+22.8
a
a
a
4,070,785
--11.9
--0.1
7.816,704
+13.1 154,448.000
--14.6
20,116,315
+8.6
5,936.870
--6.1
8,770,453
+11.4
4,181,989
--13.0 183,900,000
--6.1
2,321,351
--16.1
1,202,016
+10.5
2,027,561
--15.0
2,505,900
39,790,147
13,204,000
a
1,340.564
39,423.867
20,530,790
a
a
5,669,992
9,120,046
153,098,000
16,821,574
6,328,098
8,160,173
4,266,410
168,600,000
2,107,003
1,273,114
2,197,517
2.672,700
Total(12 cities) 278,842,259 293,735,638 --5.1
Eleventh Fede rat Reserve District-Du hasTexas-Austin.,.
1,731,324 -20.3
1,379,377
Dallas
59,117,043 --10.2
.53,110,832
Fort Worth... d 16.434,395
15.658,408
4-4.9
Galveston
11,392,000
12,209,000 --6.7
Houston
a
a
a
La -Shreveport.
5,963,978
6,108,096 -2.4
Total(5 cities)88,280,582
94,823,871
Twelfth Feder al Reserve D istrict-San
Wash.-Seattle..
46,548,994
56,066,650
Spokane
12,448,000
13,867,000
Tacoma
a
a
Yakima
1,457,060
1,583.502
Ore -Portland..
42,164,569
40.413.784
Utah-S. L. City
15,578,053
19,135,527
a
Nev.-Reno
a
a
a
Arizona_ _Phoenix
5,677,548
Cal.-Fresno.__
4,999,765
8,199,427
Long Beach_ _ _
8,196,015
Los Angeles.. _ 207,426.000 183,385,000
25,550,096
21,829,861
Oakland
7,233,484
7.858.579
Pasadena
10.355,181
9,730,088
Sacramento _ _ _
6,363,717
7,088,919
San Diego
San Francisco. 204,628,000 236,671.000
3,290,951
3,089,731
San Jose
1,937,274
1,625,372
Santa Barbara_
Santa Monica_
2,476,073
2,240,187
Stockton
3,133,500
3.688,000
72,263,978
Total(17 cities) 602,085.268 623,860,639
Grand total (129
11604382,920 11606,095,381
cities)
-3.5
Outside N.Y._ _ 4,713,448,382 4,962,978.503
-5.0 4,443,406,950 4,108,376,264
607,220,506
494,609.995
+0.8 10776545,518 8,927,886,889
Week Ended Dec. 16.
Clearings of1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
387,643,193 Ottawa
Quebec
Halifax
2,238,763 Hamilton
9,598,043, Calgary
61,005,000 St. John
2,819.629 Victoria
106,893,294 London
23,344,000 Edmonton
Regina
205,898,729 Brandon
Lethbridge
Saskatoon
7,764,946 Moose Jaw
3,390.815 Brantford
21,053,195 Fort William....
64,620,697 New Westminster
2,110,724 Medicine Hat_ _ _
1,959,329 Peterborough_ _ _ _
Sherbrooke
a
16,572.610 Kitchener
Windsor
31,504,685 Prince Albert....
2,004,152 Moncton
1,163,146 Kingston
441,656
Total(29 cities)
72,922,305
225,508,260
1923.
-4.6
uls2-3.4
-8.2
--5.9
--12.9
--22.0
--9.6
--22.6
--3.8
1925.
Inc. or
Dec.
$
114,626,208
114,897.121
61,976,539
17,844,187
5,990,443
6,715,123
2,792.103
6,624,741
10,301,088
2.524,780
1,940,152
2,720,887
5,507,723
5,385,268
706,980
657,800
2,284,627
1,362,622
1,183,512
929,394
656,743
261,160
806,883
1,062,263
1,100,354
4,257,880
407,866
1,176,384
815,999
S
107,326,067
128,174.720
92,657,773
16,240,780
6,981,964)
6,173,751
3,621,524
4.725,248
9,998,451
2,469,529
2,147,203
2,873,948
6,238,612
6,145,741
722,493
849,774
2,622,747
1,528.965
1.398,350
1,006.205
708,007
342,684
823,705
793,208
1,139,481
3.582,489
479,589
1,007.752
776,763
1 +7 ITTITI17 1 7ITTT+
414,142,590
465,312.152
Total(20 cities) 1,008,547,071 1,057,046,637
Eighth Federa I Reserve Dis trict-St. Lo
Ind.-Evansville.
5,883,174
6,202,881
Mo.-St. Louis.. 162.100,000 176,500,000
Ky.-Louisville.
39,429,865
41.887,037
Owensboro.
472,037
542,076
Tenn.- Memphis
24,880,496
31,876,842
16,316,085
Ark.-Little Rock
18,042,550
403,127
III.- Jacksonville
521,073
1,568,127
1,508,492
Quincy
I+
+1.9
Fifth Federal Reserve Dist rict-Richm ond1,906,000
1,800.426 +9.1
W.Va.-Hunt'irn
+5.1
Va.-Norfolk__ _ _ c10,747,471
10,221,010
Richmond
55,023,000
67,188,000 -18.1
2,100,000
S.C.-Charleston
2,316,728 --9.4
Md.-Baltimore. 120,306,595 130,019,177 --7.5
D.C.-Washing'n
30,484,306
30,056,349 +1.4
Total(8 cities).
1924,
$
Seventh Feder al Reserve D strict-Chi cagoMich Adrian
294,235
252,376 +16.6
226,796
258,838
Ann Arbor_ _ _ _
1,189,766
1,260.939 -5.8
831,808
902,305
Detroit
192,227,308 195,237,766 -1.6 161.434,007 166,325,982
Grand Rapids_ _ _
8,180,640
8,680,255 -5.8
7,018.280
7.645,931
Lansing
2,523.249
2,817,104 -10.4
2,271,980
2,538,879
Ind.-Ft. Wayne
3,219,068
2,992,881
+7.5
2,704,864
2,422,266
Indianapolis_ _ _
24,390,000
25,209,000 -3.3
17,798,000
20,102.000
South Bend__ _
4,779.100
4,598,900 +3.9
2,540,000
3,591,000
Terre Haute_ ....
5,865,015
6.407,439 -8.5
5,877,330
4,904,867
Wis.-Milwaukee
46,550,499
43,169,769 +7.8
39,245,275
34.974,526
Iowa-Ced. Rap.
2,838,336
2,563,665 +10.7
2,575,030
2,445,125
DesMoines_ _ _
10,437,305
10,321,411
+1.1
10,602,432
11,238,000
Sioux City- - - 5,940,603
7,008.607 -15.2
7,244,304
7,021,496
Waterloo
1,403,128
1,239,293 +13.2
1,561,035
1,537,935
Ill.-Bloomington
1,678,579
1,836.655 -8.6
1,637,186
1,622,418
Chicago
684,388,561 730,696,794 -6.4 671.097,691 612,289,479
a
Danville
a
a
a
Decatur
1,339,533
1,445.250 -7.3
1,714,340
1,341,572
Peoria
3,501,014
6,396,994 -35.1
6,224,168
4,762,674
Rockford
4,823,649
3,011,546 +60.2
2,402,036
2.580,679
Springfield_ _ _ 2.977,483
2,900.993 +2.6
2,730,605
2,624,290
1924.
3
124,346,111
114,623,296
77,380,471
15,221,346
6,766,835
6,123,677
2,784,170
4,977,141
8,629.033
2,280,229
1.694.296
2,872,837
4,586,877
4,490,475
805,343
668,886
1,677,934
1.320.299
1,039,619
1.242,700
607,239
422,239
746,208
766,441
1,222,654
2,944,693
362,806
930.903
810,714
1923.
...MQ.1.50.00.!..0004.VN.-.800.D.
Ahls0
-4 2NVON .
NWOMO,NV2,41•.00:4N.C. OM. MOC-.MCO
100000/0hOOMOM,01,.
.0
.
31Wt,
..V,WC,INc09
.
0.-..06-...0.0i0t:c;uicli0T000
oi
N000,
.1C
,
-0
0,0
.
4
,
0A.d..1. 0.4. ON 000,,
COO
,400
rW.
1.000C1MVCO,
C.0000000M100MONV.0.
.
.w .:1000.N
Q0.Air-:..0,6NNMetr0.
.-,..i
Ci,
-....,
ONZ •-•
9,146,000
4,824,869
77,169,809
119,894,867
14,417,800
a
Inc.or
Dec.
1925.
II I
570,546,855
1926.
000
00
'
'”0R'':0 !
00MOV0NO CO NO 00N NNN6e,AAM.14 CO CC .00.0
674,326,025
Iireek Ended Dec. 18.
Clearings at
1
Fourth Feder al Reserve D istrict-Clev elandOhio-Akron_ _ _
5,941,000 -4.4
d5,678,000
Canton
4,856,514
4,158,561 +16.8
Cincinnati
82,478,321
82.359,533 +0.1
Cleveland
144,712,037 137,604,084 +5.2
Columbus
17,474,000 +10.5
19,316,900
a
Dayton
a
a
Lima
a
a
Mansfield
2,214,094 +11.6
d2,471,267
a
Springfield_
a
a
a
Toledo
a
a
5,573,294 -6.3
5,278,543
Youngstown...
Pa.-Erie
a
a
a
Pittsburgh_ _
200,520,570 201,375.099 -0.4
1,425,403
4,492,598
1,660,584
3,111.566
539,000.000
3,694,846
6,100,807
3,455,260
1.426,800
5,555,878
a
[VoL. 123.
376,516,130 412,557,528 -8.7 392,295,472 377,716,525
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Dec. 15. d Week ended Dec. 16. e Week ended Dec. 17. • Estimated.
DEC. 25 1926.]
THE CHRONICLE
3281
THE ENGLISH GCLD AND SILVER MARKETS.
The destination of the £10.000 sovereigns withdrawn was Holland.
The net receipt at the Bank during the week under review was E431,000.
increasing the net Influx since Jan. 1 1926 to £8.326,000 and decreasing the
net efflux since the resumption of an effective gold standard to £3.269,000.
Wed-Kingdom imports and exports of gold during the week ending
the 1st inst. were:
ImportsExportsGOLD.
£14,105 Germany
£372,021
..
The Bank of England gold reserve against notes amounted to £151,443,- France
British South Africa
215.525
Netherlands
39.550
355 on the 24th ultimo, as compared with £151,458.325 on the previous Other countries
238 Austria
39,330
Wednesday.
Egypt
45.400
British India
The amount of gold on offer yesterday in the open market was again
105,827
Straits Settlements
37,200
Just over £200,000 being available. The trade absorbed about
Ceylon
30.000
E80,000, India and the Straits about £65,000, and America about £60,000.
Other countries
11.720
Movements of gold to and from the Bank of England continue to be on
Total
£229.868
Total
a small scale as shown below:
£681.048
It is reported that a Bill for the stabilization of the Brazilian paper
Nov. 25. Nov. 26. Nov. 27. Nov. 29. Nov. 30. Dec. 1.
minds at a gold value of 6d., has been provisionally approved by the
Received
Brazilian Chamber of Deputies. The new gold unit is to be styled
a
Withdrawn_ _ _ £12.000 £19,000
Cruzeiro, and will contain 800 mllligrammes of gold 900 fine, and will be
equivalent to 4 paper mike's.
No sovereigns were taken for export this week. The withdrawal
from the
SILVER.
Bank during the week under review has been £31.000, reducing the
net
The market has maintained a fairly steady tone throughout the week,
influx since Jan. 1 1926 to £7,895.000, and increasing the net efflux
since although the undertone is still uneasy. This was shown on Monday when
the resumption of an effective gold standard to £3,700,000.
free selling from China found few buyers about, and the price dipped to
2454d. for both deliveries, the lowest quotations for about six weeks.
United Kingdom Imports and exports of gold during the week
ending Yesterday a rally took place of ;Id. owing
to business in India connected
the 24th ,ult. were:
with options, and to a rather better feeling in China as to conditions in
Imports-Hankow. but the market being heavy to-day quotations shed 1-168. Cash
ExportsRussia
supplies are now more plentiful and little wanted. The premium therefore
£24,776 Germany
£260,473 on spot delivery
Belgian Congo
which has ruled to a greater or less degree for nearly two
18.900 Prance
29,200 months disappeared
France
on the 3rd inst. and has not been obtainable since.
20,157 Argentina
20,000
Britian West Africa
United Kingdom imports and exports of silver during the week ending
36,811 British India
43.000
British South Africa
240,569 Straits Settlements
1st
the
were:
inst.
26,200
Other countries
3,368 Canada
Imports250,000
ExportsOther countries
35,421 Norway
126,500 France
a0,160
France
217,274
Egypt
Total
35.773
£344,581
Total
£664,294 Czecho-Slovakia
143,900 British India
213,818
The Southern Rhodesian gold output for October 1926
United States of America... 146,623 Other countries
14.03.1
amounted to Mexico
162.598
50,132 ounces as compared with 48,350 ounces for
September 1926 and Other countries
14.170
48,896 ounces for October 1925.
Total
SILVER.
£711.065
Total
E283.784
Since Saturday,Indian orders for shipment to Bombay tomorrow
for the
INDIAN CURRENCY RETURNS.
December settlement in that city have not been in
(In lass of rupees.)
evidence, and prices
Nov. 15. Now.22. Nov. 31.
have therefore been inclined to sag. To-day distinct
Notes in circulation
19358
19388
18915.
signs of weakness set Silver
coin and bullion in India
in from that quarter, probably as a consequence of the
10467
10496
10555
disquieting state of Silver coin and bullion out of India
affairs in China. Beside forward sales on Indian
account, some of the Gold coin and bullion in India
2232
2232
223.2
sliver purchased for this week's shipment was resold and
the premium on Gold coin and bullion out of India
Securities (Indian Government)
spot silver was reduced to 1-16d.
5260
5260
5127
Securities
(British
Government)
1399
1400
The question whether the critical situation at Hankow has
1000
a bearing upon
The coinage of silver during the week ending the 30th ultimo amounted
the silver market is necessarily a matter of interest. This
would depend to three lace of rupees.
largely upon the gravity of affairs and upon any extension
that might take
The stock in Shanghai on the 4th inst. consisted of about 74,100,000
place to other localities than Hankow.
ounces in sycee, 67,300.000 dollars, and 3,780 silver bars, as compared.
The Chinese people are peaceful and law abiding, and
not Ill-disposed with about 73,000,000 ounces in sycee, 66,500,000 dollars, and 5.460
toward foreigners save under what they may consider
provocation, so that, silver bars on the 27th ultimo.
it is reasonable to infer that the area of disorder
-Bar Silver, Per Or. Std.Bar Gold,
will be confined to the
QuotationsCash.
Per Oz. F1n8.
2 Mos.
places where Chinese military operations have been in
being, unless of course Dec. 2
249-164.
243-icl.
845.
113-d.
umbrage be taken at any steps that may be necessary
3
to protect the life
24%el.
24%d.
84s. 11%d.
and property of foreigners, and unless the Chinese elsewhere
4
24 9-164.
24 9-164.
84s. 1134d.
should consider
6
such acts as an aggression. Hence, the question
24%cl.
2434d.
84s. 113-4d.
of the security of the
7
2454cl.
24%cl.
845. 103
-Id.
stock of silver at Shanghai does not at present appear
to enter into con8
24
9-164.
24 9-164.
84s. 11%d.
sideration.
Average
24.552d.
24.5414.
84s. 11.3d.
Arrest of upcountry trade, however, at a time when
The silver quotations to-day for cash and two months' delivery are
remittances would
normally be required for Hankow Is of more immediate
respectively Hd. and 1-164. below those fixed a week ago.
importance, as also
is the probability of a further increase in
Shanghai stocks-already considered unduly large-owing to silver being sent in for
safe custody.
The tendency therefore would appear to be for
some of their raison d'etre--namely the financingShanghai stocks to lose
such circumstances silver might not-at first at anyof trade. Though in
India or elsewhere for realization, shipments to Chinarate-be exported to
might be diverted to
Breadstuffs figures brought from page 2347.-All
India and other centres, and less disposition shown
to make fresh purchases
in London and the United States.
the statements below regarding the movement of grainFurther, silver markets generally might preserve a
long as there was cause for anxiety as to the course of bearish tendency so receipts, exports, visible supply, &c., are prepared by us
events.
from figures collected by the New York Produce Exchange.
United Kingdom imports and exports of silver during the
week ending
the 24th ult. were:
First we give the receipts at Western lake and river portsImportsExportsfor the week ending last Saturday and since Aug. 1 for
France
£118,013 British India
£43,937 each of the last three years.
United States of America-- 30.577 Other countries
17,298
Straits Settlements
10,082
Other countries
8,491
ReceePts at- Flour.
Wheat.
Corn.
Oats. 1 Barley.
Rye.
Total
£167.163
Total
bls.19815s.bush.60 lbs bush.56 lbs.bush.32 lbs.bessh.481bs.bush.561bs.
£61.235
INDIAN CURRENCY RETURNS.
Chicago
259,000
302,000 1,873,000
640.000 182,00021,000
(/n Lacs of rupees.)
Minneapolis
1,497,000
336.000
303,000 206.000
74,000.
Nov. 7. Nov. 15. Nov. 22. Duluth
Notes In circulation
417,000
8,000
16,. i i
81,000
81.000,
19299
19358
19388 Milwaukee
Silver coin and bullion in India
17,000
13,000
222.000
98,000
203,
24,000
.0
10408
10467
10496 Toledo
Silver coin and bullion out of India
168,000
82.000
122,000
1,'..
3.000
Gold coin and bullion in India
Detroit
58,000
27.000
45,000
13.0002232
2232
2232 IndianaPolis
Gold coin and bullion out of India
20,000
530,000
174,000
Securities (Indian Government)
St. Louis_._ _
111,000
419,000
338,000
49,111
430.000
5260
5260
5260 Peoria
Securities (British Government)
75,000
7,000
477.000
155 1.
10.'''
1399
1399
1400 Kansas City
1,269,000
149,000
i
.
,
55,
i
silver
coinage during the week ending the
The
198,000
22nd ult, amounted to Omaha
652.003
86.000'
7 lace.
St. Joseph__
229,000
146.000
18,000
The stock in Shanghai on the 27th
268,000
8,000
11.000
consisted of about 73,000.000 Wichita
ounces in sycee. 66,500.000 dollars, ultimo
48,000
...
195,000
and 5.460 silver bars, as compared Sioux City_
20.000
with 71.900.000 ounces in sycee, 68,100,000
dollars, and 6,540 silver bars
on the 20th idem.
Total wk. '26 462,000 4,913,000 5,043.000 2,238,000 668.''' 216,000
Same
wk.
'25 483,000 7,645.000 8,583,111 4,364,000 1,111,1.. 554,000
Statistics for the month of November last are
appended:
Same wk. '24 404,000 6,686,000 8,865,000 5,710,000 1,155,1.0
713,000
-Bar Silver, Per Or. Std.Bar Gold,
Cash.
2 Mos.
Per Or. Fine. Since Aug.1Highest price
1926
9,756,000201,649,000 89.733,000 69,524,000 6,465.000 18,729,000
26d.25d.
%
845. 1154d.
Lowest price
24 9-16d.
1925
9.565,000209,291,C00 87,072,000 129,389,00051,159,11. 15,343.000
24 3-16d.
84s. 9%d.
Average price
1024
0504 nen 354 71a non MR RI() ORR IRR.178.00040.810.00045.240.000.
25.192d.
24.947d.
845.
11.3d.
QuotationsNov 25
25%d.
25 1-16d.
84s. 11%d.
Total receipts of flour and grain at the seaboard ports for
28
253‘d.
25 1-16d.
84s. 113
-id.
27
25 7-16d.
-Id.
253
84s. 1134d. the week ended Saturday, Dec. 18, follow:
29
25%d.
25 1-164
84s. 1134d.
30
%.
24 15-168.
84s. 104d.
Dec 1
24 11-164.
Wheat.
2484d.
Corn.
Oats.
845. 111.0. Receipts at- Flour.
Barley.
Rye.
Average
25.1664.
25.000d.
84s. 11.3d.
The silver quotations to-day for cash and two months' delivery
Bushels.
Bushels.
Bushels. Bushels. Bushels.
are New York_ _ _ Barrels.
respectively 7-16d. and 5-16d. below those fixed
272,000 2,439,000
17.0
46
541,
a week ago.
74,000
Philadelphia__
45,000
840.000
7,00
30,
334.00
2,000
more..
Baltimore__
17.000
256,000
58,000
16,00
93.
125.000
We have also received this week the circular written under N'port News_
1,000
Norfolk
1,000
date of Dec. 7 1926:
New Orleans •
75,000
141,000
131,000
44,
GOLD.
Galveston_
421,000
The Bank ofEngland gold reserve against notes amounted to £151,414,110 Montreal .._ - _
26,111 1,201,000
81,000
235
265,
222,000
on the 1st inst., as compared with £151,443,355 on the previous Wednesday. St.John,N.B _
40,000
444,000
42,111
26,000
30.000
108,000
About £1.250,000 bar gold was available in the open market this week. Boston
10,000
10
1,11,
Of this £627,000 was taken on German account, India and Egypt together
Total wk. '26 507,000 5,850,000
taking about £30,000, and the home and Continental Trade
304.
1,276,
449,000
£140,000. Since Jan.1'2624.765,000297,607,000 8,055,00
Tne balance was secured by the Bank as shown in the figures below.
'''36.587.00030,705,000
Movements of gold to and from the Dal* since our last letter have
Week 1925_ _ _
564.000
been
7,477,000
1,715,000
i
1
.
917,
962,.
.
I
follows:
as
31001)
Since Jan.1'2524.412.000238.018.000 10.569.000 76.124.00044.090 non 20 Will
nnn
Dec. 2. Dec. 3. Dec. 4. Dec. 6. Dec. 7. Dec. 8.
Received
£462,000
•
Receipts
do
not
include
grain
passing
through
New
Orleans
for foreign portaWithdrawn_ _ _ £5,000 £16.000 £10.000
on through bills of lading.
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 1 1926:
IV°
Zommerciai andrAtscelitantoitsBUM
1
THE CHRONICLE
3282
The exports from the several seaboard ports for the week
ending Saturday, Dec. 18 1926, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John,N.B
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
' Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
4,107.524
56,059 1,420,324
92,178
88,000
9,000
30,000
117,000
1,034,000
29,000
17,000 186,000
360,000
1,000
1,000
181,000
37,000
27,000
5,000
26,000
224,000
8,000
42.000
26,000
444,000
40,000
Total week 1926_- 6,438,524
Same week 1925_ __. 5.227.846
46,000
449.987
198,178
107.264
5,000
252.096
216,059 1,704,324
75,315 715,717
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Dec. 15-The Citizens National Bank of North Bergen. N. .1.--__$200,000
Correspondent, Henry E. Wolff, 45 Adeline Pl., North
Bergen, N. J.
Dec. 15-The Bay Parkway National Bank of Brooklyn in New
200,000
York, N. Y
Correspondent, Charles G. Bond,7 Dey St., New York,
N.Y.
25,000
Dec. 17-First National Bank in Cuthbert, Ga
Correspondent, George R. Helton, Cuthbert, Ga.
APPLICATIONS TO ORGANIZE APPROVED.
$100,000
Dee. 14-First National Bank in Merced. Calif
Correspondent, J. Emmet McNamara, Merced, Calif.
200,000
Dec. 17-College Point National Bank of New York, N. Y
Correspondent, .J. Mack Young, 857 Fouith Ave.,
College Point, N. Y.
CHARTERS ISSUED.
850,000
Dec. 13-13015-The Merton National Bank, Merton,Pa
Prusident, Frank 11. Rhodes; Cashier, W. W. Reinhold.
Dec. 13-13016-Brotherhood Nat'l Bank of San Francisco, Calif_ 500,000
President, Henry E. Cass; Cashier, E. B. Ansley.
OLUNTARY LIQUIDATIONS.
Dec. 13-10280-The Collinsville Nat'l Bank, Collinsville, Okla_ $25,000
Effective Nov. 10 1926. Liquidating Agent, G. M.
Janeway, Collinsville, Okla. Absorbed by the First
National Bank of Collinsville, No. 9965.
Dec. 17-12038-The Black well National Bank, Blackwell, Okla_ 100,000
Effective December 2 1926. Liquidating Agent, Wm. H.
Pauly, Blackwell, Okla. Succeeded by Blackwell Exchange Bank. Blackwell, Okla.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
3 demand promissory notes of the
25,000 Victory Divide Mining Co..
Richardson Construction Co. of
par 10c
$30 lot
Calif., bearing int. at 6% p. a.
12,240 Brougher Divide Min. Co.,
from date thereof, to wit. Feb. 15
$30 lot
par $1
1923, to June 15 1923, in the
51 lot
5 National Chain Co., pref
aggregate principal sum of $200,80 National Chain Co.,com.,no par$1 lot
3100 lot
000
500 Wm. Cramp & Sons Ship &
Claim against the Compania Con22
Engine Building
structors Richardson, S. A.. for
155 Carabao Coconut Co., pref._
advances made on open account
2875 Carabao Coconut Co.,com 320 lot
in the aggregate principal sum of
no par
1,510 lot
$155,000.together with int,there2,849 Conn. Steel Corp., pref
on at 6% p. a. from date of adI
4.079 Conn. Steel Corp., com
vances
$50 lot
1$5 lot
500 Conn. steel Corp., pref
50 First Nat. Fire Ins. Co., Dist.
575 Conn. Steel Corp., corn
Col., U. S. A., par $5
$5 lot
500 Conn. Steel Corp., pref
500 Portland Cons. Copper Co.,
575 Conn.Steel Corp., corn
Wyo.. par $1
10 It. E. Thompson Radio Corp.,
$2101 10 Michaelson Machinery Co., $2 lot
emu
Nev., corn
10 R. E. Thompson Radio Corp.,
$7 lot 1 John Phoenix Oil Assoc., Fort
pref
Worth, Texas. par $10
$5 lot
450 Carteret Oil, corn
600 J. G. White & Co., Ltd.. 7%
5,000 Cumberland Producing & Recum. pref., par £1
$500 lot
fining Co. of Delaware, par $1-52 lot
200 J. G. White & Co., Ltd., ord.,
1,400 Melish Oil Co. of Red River,
par £1
$100 lot
5100 lot
no par
100 Connecticut Steel Corp., met _52 lot 530 Monterey Ky., Lt. & P. Co.,
ordinary
$100 lot
80 Saguenay Pulp & Power, corn..
$65 lot
$2 lot 200 Russell Lumber Co.. Inc
par $5
6,932 Hedley Gold Min. Co., par
24 Saguenay Pulp & Power, pref.,
$500 lot
$10
par $5
300 Chemical Oil & Gas Co., par$1059 lot
160 Saguenay Pulp & Power.corn..
1,530 lot
$4 lot 100 Ware Radio,Inc.. pref
par 55
400 Ware Radio,Inc.. corn
48 Saguenay Pulp & Poyeer, pref..
1,500 Lockwood, Greene & Co.,
par $5
$500
Inc., pref
$8 101
100 Eastern Steel Co., corn__
lot
50 Eastern Steel Co., 1st pref.__ _525 lot 300 Lockwood, Greene & Co., Inc.
class B, no par
75 Dawn Mfg. Co.,corn., par $10._$1 lot
Si lot
50 Florida Terminal Co
1,969 Salisbury Iron Corp., pref..
55 lot 50 Briggs, Tobey & Annette. Inc.,
par $10
$1 lot
COM
2,179 Salisbury Iron Corp., pref.,
$12 lot 50 Briggs, Tobey & Annette, Inc.,
par $10
$2 lot
pre(
10 Pullman Holding Co..6% pref1.526 lot
100 Internat. Health Devices Corp.,
5 Pullman Holding Co., corn-- --I
$5 lot
pref
3 Knickerbocker Trust Co. ctfs. of
100 Internat. Health Devices Corp..
participation entitling the holder
lot
COCO
to 6% 20-year s. f. gold bonds.
33.000 Callinan-McKay Explorat'n
series B of the Yaqui Delta Land
$30101
Co., Ltd., par $1
& Water Co., as and when issued
10 Frederick Southack & Alwyn
In the aggregate principal sum of
$215 lot
Ball, Jr., Inc., pref
$1,490,000, together with Interest
10 Frederick Southack & Alwyn
at the rate of 6% p. a. from
Ball, Jr.. Inc., corn., no par_ _ _3205 lot
51.000101
Nov. 1 1911
50 Dry Zero Insulation Co., no par$15 lot
29,750 Yaqui Delta Land & Water
$5 lot
$1,000 lot 50 Chartex Co.. par $10
Co., corn
5 Ansco Photoproducts, Inc.,com.$10 lot
4 serif's. of indebtedness of Yaqui
65 El Cobre Corporation
$25 lot
Delta Land & Water Co., all pest
65 El Cobre Corporation
$25 lot
due, in the aggregate sum of
100 Dominion Foundry & Steel.
$107,144.62; $11,415.86 claim
Ltd., ord
$100 lot
against co. for advances made on
20 Adm.Steel Found. Corp., no par
open account from June 1915 to
$95 lot
$110101
date
10 Circle Building Co., corn
$35 lot
4 promissory notes of Compacts
20 Circle Building Co
565 lot
Constructors Richardson, S. A.,
42 Oklahoma Petrol. & Gasoline
In the aggregate principal sum of
Co., pref
$8 lot
567,631.57, with int. at 6% p. a.
5 Jerusalem Art Stores, Inc., cornfrom date thereof, to wit. July 10
lot
120
Phoenix Reclamation Co., Inc.,
$100
11915
Feb.
1914, to
class A. v. t. c
$5 lot
21 demand promissory notes of
140 Nassau Valve & Pump Corp..
Compania Constructora Richardpar $50
$3 lot
son,S. A., bearing int. at6% P.a.
90 McGirr Bros., Inc., corn
$25 lot
from date thereof, to wit. April 1
aggreCo.,
corn.,
50
Dry-Zero
Insulation
1923,
in
the
Oct.
3
1915,to
no par
$25 lot
gate printLuil sum of $776,000
,uOO lot 2,000 Mercantile Bank of the Americes, pref
$3 lot
50c
21,1100 Mesabi Iron Co.,eon
[VOL. 123.
Shares. Stocks.
$ per sh:
$ per sh. Shares. Stocks.
$25,000 Lucey Mfg. Corp. of N.Y.
362 Hoosick Foundries, Inc., corn.
10-year 8% cony. s. f. series A
v.t. c., no par
bearer notes, elf. of dep. MetroBondholders participation certif.
politan Trust Co. of N. Y., dereorganization of Walter A.
positary, Jan. 1924 and subseWood Mowing & Reaping Maquent coupons attached...-51.000 lot
chine Co.; Mfrs. Nat. Bank of
7.250 Economy Mines Co., par $1_53 lot
Troy, trustee, representing de1,000 Florida Lake Shore Farms.
posit of $14,500 above companys
$250 lot
Inc., pref. A
bonds showing that delivery of $75
82101
lot 100 Allied Oil Co.. par $10
$5,800 Hoosick Foundries. Inc.,
$110,945.28 claims against General
series B 4% bonds has been
Exploration Co., due April 16
made by trustee; also evidencing
510 lot
1926 to Nov. 2 1926
the fact that holder of certificate
100 Buckeye Nurseries, pref
$55 lot
is entitled to 14li-575ths of net
57,000 Middleton Mines, Inc., par
proceeds of cash realizations
$25 lot
51
from certain real estate
__ 1
30 North Boca Raton Corp
5 00 lot 151) United Refineries Co.,
pref_no par.S5 lot
30 Denver & Rio Grande EE., pref $1 lot 450 United Refin.Co.,corn.,
276 Sprague Safety Control &
84 Nat. Arenas Syndicate, class A,
Corp., pref
corn., no par
1
790 Sprague Safety Control & Sig- 525
1
60 Nat. Arenas Syndicate, pref._
nab Corp.. corn
lot
250 Union Discount Co., Inc.,com.,
$36 lot 23 Sprague Development Corp
no par
2,000 Shasta Zinc & Copper Co..
500 Rochester Natatorium, Inc.,
$1 lot
no par
corn., no par
$1 lot
16,000 K.C.B.Devel.Co., par $1_53 lot
200 Radium Co. of Colorado, corn..
no par
$3 lot 2 units Calavada Syndicate, partici530 lot
pating certifs., par 5500
100 Minor C.Keith Florida Proper36.310 K.C.B.Devel. Co., par 10_57 lot
11
ties, land pre . certifs.. no par
600 Hadfield Penfield Steel, pref.
100 Minor C. Keith Florida Proper400 Hadfield Penfield Steel Co., $60 lot
2
ties, corn., no par
pref. trust certifs., no par
500 Amer.Bosshardt Furnace Corp.
class B vet. tr. "new," no par_5100 lot 1.000 Cerro Consol. Mines Co.. par
$5 lot
Si
200 Nat. Conduit & Cable Co., no
$7 lot 100 Bonanza Belt Copper Co., par
par
$5101
$10
10 Tole Oil& Gas Co
337 Flushing Bay Bldg. Corp., corn.
176 San Juan Sugar Co., pref
1
$100 lot
220 San Juan Sugar Co., V. t. c..
par 510
$3101 SOB.B.& R. Knight Corp., class C
1
corn., no par
30 Amer. Philippine Co.. corn__ 1,$4 lot
5.529.3869 Companta Azucarera Sal30 Amer. Philippine Co.. pref. amanca (Salamanca Sugar Co.),
5 Prince Holding Co
5100 lot
pref., v. t. c
20 Alto Realty Co., Inc
1
100 Associated Banking Corp
5 Grassi Bros., par 550
25 24 West 25th St. Corp., par
100 Ohio Tree. Co. of Ohio, com_5140 lot
$10
• $180,000 156 Poland Manufacturing Co_ _- 18
lot 1.000 New England Southern Mills,
10 Altavista Holding Co
3I
Prof. temp. certits
Note of Altavista Holding Co..
150 Limestone Products Corp. of
dated Feb. 23 1926. for $6,560 lot
America, pref.. par $50
500. payable to Pancrazlo
150 Limestone-Products Corp. of
Grassi and duly endorsed, toAmerica,corn., no par
gether with unsecured claim
40 Tel-U-W here Co. of America
against Altavista Holding Co.
$5 lot
corn., A, no par
for int. on other notes, prin10 Tel-U-Where Co. of Amer. pf
cipal of which has been paid.
$1
lot
pref._
American
Singers,
Inc..
10
which claim amounts to $11,16 74li-100 Ringless Piston Co.,
569.36
$2 lot
Inc.. pref
30 Universal Ice M:g. Co., pref
157 lot 50 235-1000 Ringless Piston Co.,
par $10
orn. no par
250 Universal Ice Mfg. Co., corn..
Olive Realties, Inc..5 00 lot
33714
Inc.,iSouth'
par $10
500 Fedco Number Plate Corp., no
100 Handy Distributing Corp..
$30 lot
Par
500 Handy Distributing Corp., $30 lot
250 Frances 011 Trustees, pref. ctfs.
COM.. DO par
$1101
no par
10 Dix Co., Inc.. no Dar
30 Automatic Shoe Shiner Corp.,187 lot 400 Texas Iron & Steel Co., corn..810 lot
840 Copper Products, corn., par 51.83101
pref., par $10
$20 lot
1,390 Victor Coal & Coke Co
$85101 50 Copper Products, pref
10 Allied Metal Sales Co., corn.-$i0 lot
12 Northern Cambria Water Co.,
Prof
75 lot 833 Int. Fabricating Co., corn....510101
3,000 Louisiana Consol. Min. Co.,
60 Northern Cambria Water Co.,
$3 lot
corn., par $10
COM
$5 lot
420 Trout Run Coal Mining Co_ _570 lot 1.000 World Tire Co., pref., par $1053 lot
550 Bald Hill Coal Co
$120 lot 4,000 Connecticut Brass Mtg. Co.,
$5101
corn., par 510
25,600 Gaston, Ltd., an English
Corp., par £1
$100 lot 400 Keystone Instant Food Co.,
$1101
corn., par $10
400 Foreign Trade Banking Corp.,
2,000 Amer.Fuel Oil& Transportareceipts
5
$5 lot
tion Co.. corn., par $10
100 Everett, Heaney & Co., Inc.,
$3 lot
$120101 20 Kibbe Tractor Co., corn
par $20
8,000 Western Oil Fields Co., corn.,
25
1,323 Otis Co., Inc., Mass
$35 lot
Par $1
2,000 Ertel 011 Co., par $5
$3 lot
$10_1525 lot 45 Duquesne Sales Co., corn
50 Carib Trading Co
26,712 United Zinc Co.,pref.,par $5
100 Lack. Co. Coal Co., par
$55 lot
38 Ansco Photoproducts Inc., corn..
$55101 3,000 Tide Water Portland Cement
no par
$6,525 lot
Co., corn
50 Santa Ysabel Tob. Co., pref__ $26 lot
Per Cent.
Bonds.
25 Santa Ysabel Tob. Co.,corn..
$7,114.12 Upper Columbia Co.7%
I Florida Investors Corp
1$100
demand notes
83 1-3 Arcadia Associates, Inc.,
lot
Upper
Co. 6%
in lot 012,250Columbia
corn., no par
5-year notes, due 1928
50 General Florida Co., Inc., pref
875,000 notes of the Radiant Heat
3 Little Giant Oil Syndicate
Corp. of America
$100 lot
$500 Roselle Golf 2d M. 65,
545,000 Interborough Metropolitan
April 2 1937
Consol., coll. trust 4345, receipts,
100 Overseas Products Corp., pref.
option No. I stamped (securities
temp. ctf., no par
$2 lot
200 Overseas Products Corp.,com.
delivered)
37,800 Bangor & Nazareth Transit
no par
5 Tex Engineering Corp., no par..
Co. 68, July 1 1953, with No. 3
$350 lot
and subsequent coupons
133 1-3 Amer.& Brit. Mfg. Corp., $350
lot Notes of International Health DeCOM
vices Corp. aggregating $5,000,
250 Rower Film Corp., pt, par $10
$1101
500 Raver Film Corp.. corn., par
without recourse
$10
$5.800 Hoosick Foundries, Inc., nor.
$75 lot
1,000 Lance Creek Royalties Co.,
B 4s, July 11045
par $1
Sundry notes aggregating 549,8100101
10 011 Fields of Mexico. corn., no
639.31
par
$6,000 Gaylord Alderman 7% notes
100 Lanzius Aircraft Co.. temp.
$3 ot
dated Jan. 26 1922
ctfs., par $10
$148,333.33 notes of Temple Ter153 Alvardo Min. & Mill. ctfs.
race Estates, Inc., due may 11
temp.(N. Y.) W.. par $20_ _ _
$100 lot
1925. to Feb. 5 1927
50 Edgewood Publishing Co..Inc.,
$44,800 Deep Sea Fisheries, Inc.,
par $10
1st M.8s, Nov. 1 1931, reg. ctf
10
2 Knickerbocker News Assn.. Inc.,
of dep
Sundry unsecured 6% demand notes
par $50
10 Poinsettia Park. Inc
$5 lot
of The Allied Grocers, Inc. Prin10 Poinsettia Park, Inc
cipal amount $126,010.03. ac17 lot
22 United Products Corp., 1st pref.,
crued int.approximately $7,970.76
par $10
$5 lot
$2 lot
without recourse
200 Garner Print Works & Bleach$4.350 6% demand note of The Alones, pref
lied Grocers, Inc., dated Sept. 17
50
149 Garner Print Works dc Bleach1926; heretofore paid on account
ones, corn
of principal and interest, 52.1
100 Amer. Investigation Corp.. no
517.90, secured by collateral;
$IO lot
par
without recourse
811 lot
51,014 Principal amount,obligations
660 Globe Rubber Tire Mfg. Co.,
El
com., par 325
F. F. Von VVilmowsky
$25 lot
615 Joseph W. Woods & Sons Co.,
$3.800.10 Advances on open account
pref
to Charles P. Roberts: secured by
$200 lot
8 1-3 shares Kettle Creek Coal
50 Roland Steel Co., Inc..8% cum,
ro
Mining Co., corn
pref
$35 lot
3,700 Roland Steel Co.. Inc., cora.,
$16,300 Hoosick Foundries, Inc.,
no par
$15 lot
series A 4s, July I 1930, with
Jan. 1927 and subsequent cou233 1-3 Arcadia Associates, N.Y.,
pons attached
corn., no par
5225
168 1-3 Arcadia Associates, N.Y.,
lot 510,300 Hooka Foundries, Inc..
series B 4s, July! 1945. with Jan
pref., par $10
1927 and subsequent coupons $500
2 Florida Investors Co., corn _ .5225 lot
ot
37 Si Gen. Fla. Synd.. corn., no parl$225
attached
50 Gen. Florida Syndicate. pref.lot 1.612 Hoosick Foundries, Inc.,
Prof.,ar $10
3,097 Astoria Importing & Mfg. Co.
593 11-100
Hoosick Foundries,
Inc.. no par, and 39-113th share
Inc., V. t. c., no par
scrip
$10.000 lot
DEC. 251926.]
TILE CHRONICLE
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
per sh.
13 Overbrook National Bank
155
9 Citizens Nat. Bank of Jenkintown. Pa
99
10 National Bank of Cuba
$2 lot
25Peoples Bank & Tr.Co.,par $50_145
19 Security Title & Tr. Co., par $50 58
2 Northwestern Trust Co.. par 350.610
25 Susquehanna Title & Trust Co.,
par $50
6234
15 Empire Title & Trust Co., par
$50 ($25 paid in)
46
34 Fidelity-Phila. Trust Co
695
20 Glenside Trust Co., par $50.50
10 units Cushing Devel. Co., Inc.,
par $65
$4 lot
5 units Cushing Develop. Co., Inc.,
par 565
$2 lot
5 units Cushing Devel. Co., Inc.,
par $65
$2 lot
1534 Trail Acreage Co. (Miami,
Fla.)
$40 lot
1535 Trail Acreage Co. (Miami,
Fla.)
$40 lot
40 Geneva Cutlery Corp., pref
554
100 Pamlico Realty Co., no par_ _310 lot
1,000 Lebanon Iron Co.,no par_ _ _ _ 1
7 Little Schuylkill Nay. RR.& Coal 4134
25 Victory Ins. Co., par $10
22
20 Fire Assoc. of Phila.. par $10.- 5434
94 Rayon Silk Co. of Amer., pref _$30 lot
634 Warfield Estates, Inc., no par_S6 lot
67 Bridgeton (N.J.) Cemetery Co.,
par $50
50
50 Copper Plate Sheet & Tube Co_ 325 lot
50 Copper Plate Sheet & Tube Co _325 lot
10 Aldine Mtge. Guar. Co., par $10 17
50 Mineral Vault & Casket Corp.,
preferred, no par
$3 lot
32 Keystone Grain Products Co.,
Inc., common
$1 lot
16 Keystone Grain Products Co.,
Inc., preferred
$1 lot
40 Nat. Guarantee Credit Corp.,
common A. par $15
51 lot
5 Nat. Guarantee Credit Corp.,
common B, par $15
$1 lot
30 Nat. Guarantee Credit Corp.,
preferred, par $15
$I lot
200 Budd Wheel Co., common.._ 3434
20 Hare & Chase, Inc., preferred _
94
20 Hare & Chase, Inc., corn., no par 24
1 Girard Trust Co
1350
25 Bank & Trust Co. of West Phila. 90
4 Phila. Bourse, common
20
Shares. Stocks.
per sh.
6 Trocadero Amusement Co
$5 lot
Rights.
per right.
134 Lancaster Ave. Title & Tr. Co- 2535
Bonds.
Per cent.
$1,000 Browne & Phares, Inc., 1st
M.6s, July 1 1934
5500 lot
510.000 Princess Iron Corp. 1st
serial 75, ctfs. of dep
3700 lot
$1,500 Borough of Quarryville. Pa..
434s, Jan. 1 1948
101
510,000 Sesqui-Centennial Exhibition Assn., participation certif. 36 lot
$5.000 Sesqui-Centennial Exhibition
Assn., participation certificate_ _53 lot
$3,500 Sesqui-Centennial Exhibition
Assn., participation certificate..82 lot
$10,000 promissory note of A. T.
Herd of Fla., due Dec. 16 1926.
In default
$12 lot
$5,000 demand note of Lee B. Bolton, In default
$2 lot
57,000 land contracts of MIzner
Develop. Corp.. lots Nos. 18 and
19 in blook No. 126. Boca Raton,
Fla.. $3,500 each
$20 lot
$26,000 Hydraulic Steel Co.8% s.f.
notes, 1930, ctf. of deposit
15
$5,000 Tecolate Copper Corp. col.
tr. a. f. 4s. Sept. 1 1933
$100 tot
$10,000 Eastern Steel Co. 1st M.58.
certificate of deposit
20
$3,000 National 011 Co. 1st lien 7s.
May 1 1925
SI lot
$3,000 Hydraulic Steel Co. a. 1. 8%
notes, Sept. 1 1930, ctf. of dep.. 20
$500 Compo Bond Corp. cony.6%
note. Aug. 1 1925
53 lot
$300 Compo Bond Corp.,cony.6%
note, Aug.! 1925
51 lot
$200 Compo Bond Corp.,cony.6%
note, Aug. 1 1925
51 lot
$205 promissory note of Compo
Bond corp.. Aug. 1 1925, at6% _31 lot
$165 promissory note of Compo
Bond Corp.. Aug. 1 1925, at 6%.$l lot
$160 promissory note of Compo
Bond Corp., Aug. 1 1925, at 6%.$i lot
All the right, title and interest of
George S. Graham, of, in and to
all that certain parcel of land.
lying and being in Palm Beach
Co.. Fla., more particularly described in list
$20 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sit.
.Vole.-Lockwood-Greene.
Inc.,
100 shs. pf., reported sold last wk.at
$52,an error. Should have been $5.
3 Webster & Atlas Nat. Bank
225
313 Park Trust Co., Worcester, in
liquidation
9
10 Manomet Mills
1035
10 West Boylston Mfg. Co., pref.__ 454
130 York Mfg Co
31
210 Everett Mills
15
100 Pepperell Mfg,Co
1154
100 Newmarket Mfg. Co
90
50 Hodges Carpet Co., Inc
30
10 Otis Co
1634
75 Arlington Mills
6834
1 Ashland Cotton Co., preferred._ 21
84 Ludlow Mfg. Associates
17434
50 Manomet Mills
1035
5 Lancaster Mills, pref
414
50 Otis Co
164-184
10 Ipswich Mills, common
3835
720 U.S. Worsted Corp., common_ 70c
15 U.S. Worsted Corp., Ist pref.__ 64
10 Connecticut Mills. 1st pref
5034
85 Connecticut Mills, corn. class A
V. t. c., par $10
134
45 U.S. Worsted Corp., 1st pret64-94
3.100 U.S. Worsted Corp.. com_31c.-154
100 Great Falls Mfg. Co
11
.
412 Stark Mill. preferred
34
1,305 New Eng. South. Mills, com_31.10
1,305 New Eng.Sou. Mills, nr. pfd. 24
625 Stark Mill, preferred '
35
1,980 New England Sou. Mills,corn. 135
1,980 New Eng. Sou.Mills,pr.pfd_ 24
67 Hamilton Woolen Co
30
32 Mass.Cotton Mills
7134
15 Sharp Mfg. Co., common
104
20 Hill Mfg. Co
100 Worcester Consol. St. By.. 2034
preferred. par $80
15
100 Worcester Consol. St. By.,
preferred, par 880
164
83 Quincy Mkt. Cold Storage &
Warehouse Co., common
33
4 Units Commercial Finance Corp.. 52
10 Consol. Petrol. Corp., cl. B,
par $10
$1 lot
100 &lax Realty Corp., pref
100 Alas Realty Corp.. common, $10
par $10
lot
100 Savannah My.Lum.Co., pfd. 235
80 Savannah River Lumber Co., on
common as bonus, par $1
Pref.
10 New Bedford Gas& Edison Light
Co., par $25
8235
4 Mass. Cities Realty Co., part. pf. 5
20 Schrade Cutlery Co., pref., par
$25
5
350 Schrade Cutlery Co., common,
par $25
1
2534 L.B.Van Wagenen Co., pf _ 3100 lot
475 Profess. Bldg. Co..Inc., prof.3100 lot
754 Kidder Participations, Inc.,
common
23
10 Kidder Participations, Inc., pref.
93 & dn..
I 0 Lambie Houstin Corp., pref _ _
preferred
1
20 tumble Concrete Housing Corp..
common
60 Saco Lowell Shops, 2d pref
94
50 New Eng. Guaranty Corp., pf.'( 4 on
SO New Eng. Guar. Corp., corn...) pref.
30 Wills St. Claire, Inc., prior prf. 39
40 Wills St. Claire, Inc., 2d pref. 81 tot
50 Saco Lowell Shops, 2d pref
10
6 American Glue Co., pref
10954
100 Lockwood Greene. Inc., pref 531
20 Lockwood Greene, Inc., com. on
as bonus
pref.
700 Ely Consol. Copper Co., par $1_31 lot
200 Ely Witch Copper Co
$1101
100 Puritan Mtge. Corp., Pt $5,000 lot
150 Puritan Mtge. Corp., corn.32,500 lot
250 1). Goff & Sons, Ins., pref
SI lot
3
Shares. Stocks.
$ per sh•
128 Mason Perkins Paper Corp.. pf _$I lot
50 R. Marston Co., pref. ctf. dep..
N.E.Trust Co
$800 lot
104 Lawrence G.&E1.Co.,par$25,67-6734
350 Saco Lowell Shops, common__ _ 234
20 Lawrence G.& El. Co., par $25_ 67
1,200 Allied Packers, Inc., senior
preferred
$4,800 lot
16 2-3 Seashore Estates,Inc
$1 lot
30 Huntington Chambers Trust_
8034
197 B. B.& R. Knight Corp., pref. 15
5 Walter M.Lowney Co.,common. 5
25 Mass. Bonding & Ins. Co
255
5 Smith & Dove Mfg. Co., pref
36
26 Kansas City Rys. Co., pref. _El lot
15 Kansas City Rys. Co., com
Sli lot
26 Kansas City Rys. Co., pref
_51 lot
15 Kansas City Rys. Co., corn.. _31 lot
26 Kansas City Rys. Co., pref....5t lot
15 Kansas City Rys. Co.. corn_ _31 lot
28 Kansas City Rys. Co., pref._ _31 lot
15 Kansas City Rys. Co., corn....$1 lot
83 Kansas City Rys. Co., pref. _31.03 lot
43 Kansas City Rys. Co.,com _31.03 lot
24 Kansas City Rys. Co., pref. 31 03 lot
14 Kansas City Rys. Co.,corn _81.03 lot
14 Kansas City Rys. Co., pref__31.03 lot
11 Kansas City Rys. Co., com._31.03 lot
100 Bay State Refg. Co., pref..
par 310
$1 lot
2 Merrimack Hat Corp., corn
75
50 Saco Lowell Shops, common...
23.4
26 Fall River El. Lt. Co., par
$25
4754 ex-div.
428 Standard Tire Co., 1st pref....31 lot
12 Saco Lowell Shops, 2d pref
1034
30 Saco Lowell Shops, common.... 234
14 Lowell G. L.Co., par 325_6234 ex-div.
35 First National Stores, 1st pref..
1004 ex-div.
10 Turners Falls Power & Electric
Co
191 ex-div.
2 units First Peoples Trust.._70 ex-div.
10 Home Bleach & Dye Co.. pref. _$6 lot
75 Bost.& Wore. Elec. Cos.. pref.I 234
5 Bost. & Wore. El. Cos., com_
314 Lockwood Greene, Inc., cl. B..
35
1,572 Lockwood Greene, Inc., pref. 5
344 Johnson Educator Biscuit Co.
common, class A
$205
625 Johnson Educator Biscuit Co. tot
common class 13
495 Lockwood Greene, Inc., class B
34
2,474 Lockwood Greene, Inc., pref. 5
7 special units FirstPeoples Tr.5 ex-div.
100 Alvarado Min. & Mill. Co.,
par $5
Si lot
200 Cascade Silver Mines & Mills,
par Si
891 Stoughton Earth Co., common,
Par 35
31
865 Stoughton Earth Co., pref., lot
par $5
25 Saco Lowell Shops, common__ _ - 254
10 Havana El.& Util. Co.,5% pref. 65
4 United El. Lt. Co., Springfield.
48834 ex-div.
100 Bost.& Wore. El. Cos., corn _ s2si lot
650 Franklin Realty Syndicate,Inc- 2
100 Grant Motors, par $10
$1101
$8,000 Jackson Motors Corp., 1st
mtge. bonds ctfs. deP
$1101
160 Jackson Motors Corp., corn.,
par $10
10 Hyde Engineering Co., corn. A $335
100 Sou. Fields Petrol., par 510._ _ lot
537.32 Fibre Toy Mfg. Co., par $101 $15
30 Pine Tree Pulp Co., par $100 --1 lot
100 Hood Rubber Co., 731% pref.,
1004-100H
BondsPer Cent.
$2.000 Michigan RR. Co. 1st 6s,
May 1924
17 flat
39,000 Berkshire St. By. 7s, June
1927
40 & int
Bonds.
Per cent.
$43,000 Bost.& Wore.St. By.435s,
1923
12 flat
$3,000 Berkshire St. By. 78, June
1927
39 & int.
$10.000 Texas Elec. By. 58, Jan.
1947
45 & int.
$25,000 Consol. Steel & Iron 635s,
May 1929
$100 lot
3283
Bonds.
Per cents
$2.000 Quincy Mkt. Realty Co. Is,
May 1964
91
$14,000 Globe Phosphate Co. reg.
1st mtge. 10-yr. 55 (169.80 per
1,000 paid on principal)
$50 lot
8,000 rubles Russian Govt. internal
515s 1926
$17 lot
4,000 rubles Russian Govt. 535s,
War Loan of 1916
58101
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
50 Atlantic Nat. Bank_2594-260,ex-div.
25 Fidelity Trust Co
$5 lot
12 National Shawmut Bank_2484,ex-div
20 Iowa Loan & Trust Co
$5 lot
8 Old Colony Trust Co
331
2B. B. & R. Knight, Inc., corn.,
class C
$
,5 lot
65 B.B.& R.Knight.Inc.. prof... 134
5 West Point Mfg. Co.._ _13435,ex-div.
11 Saco Lowell Shops, corn
335
5 Connecticut Mills, 1st pref
494
5 Brookside Mills
894
10 2-3 Davol Mills
20
4 A. L. Bayles & Sons Co., pref.,
par $50
4 A. L. Bayles & Sons Co., corn..
par $25
$7 lot
110 Trinity Copper Co., par 55_ _ _
2 Alvarado Min.& Mill., Dar $25.
200 Eureka Smelting Co., par $1..
15 West Point Mfg.Co
134, ex-div.
25 West Boylston Mfg. Co., corn.. 1034
5 West Boylston Mfg. Co., prof__ 484
8 Shaw Stocking Co., corn
1235
80 Butler Mill
5034
40 Gosnold Mills, corn
10
10 Quissett Mills, corn
105
100 Saco Lowell Shops, 1st pref
17
28 Lancaster Mills, corn
1734
15 West Point Mfg.Co... _ _1344, ex-div.
75 Worcester Cons. St. By., pref.,
Par 380
15
300 Union Twist Drill Co., corn.,
par 35
1054
5 Merrimac Hat Corp.. COM" par
325
7635
3 Federal District Trust, corn
1
10 George E.Keith Co., pref _101, ex-div.
10 units Park Square R.E.Trust_ _115
5 Boston Belting Corp., pref., par
$50
144
1,000 U-Can Safety Hair Cutter
Corp., par $10
154
2 Converse Rubber Shoe Co., pref.,
par $10
714
100 Boston Woven Hose & Rubber
Co., corn
774
10 Draper Corporation.. _6434, ex-div.
11 Bay State Fishing Co., corn.... 3435
7 Bay State Fishing Co., pref
1435
100 American Snuff Co.,com.124 ex-div.
$3.790 Face value New Eng.Inv.
Security Co., pret (shareholders protective agreement)
35 Oxygen Process Corp. of New $10 lot
England, pref
35 Oxygen Process Corp. of New
England, corn
5 Rheabat Corporation. pref
$5 lot
Shares. Stocks.
$per sh.
600W. H. Pelkey, Inc., class A.__ 2
250 Louis Blass, Inc
$ lot
4 Amer. Mfg. Co.. pref _ _82 ,es-d
2
200 R. H. Booth Sales Co., pref__ 131 lot
150 R.H.Booth Sales Co., com_
1 Hood Rubber Co., 7% pref
102
7 units First Peoples Trust
70
10 Lynn Gas& Elec. Co., par 525..134
29 New Bedford Gas & Edison Lt.
Co.. par $25
83
23 Grinnel Mfg. Corp
6634
3558. C.Hecht Co., 2d pref
131 lot
113 S. C.Hecht Co.,com
9,000 Wills St. Claire, Inc., corn _36 lot
1 Hood Rubber Co.,735% prior pf.100%
36 Bonney Belle Peach Ordhard_
10 Checker Taxi Co.,com.,cl. A_ 550
10913,
oit
2 Morose° Holding Co.,Inc., pref
28 Morose() Hold. Co..Iiac..com_
10 American Glue Co.. pref
3 units Commercial Finance Corp
52
5 North Boston Ltg. Prop., pref.. 10834
1 North Boston Ltg. Prop., corn_ _ _103%
2 Hood Rubber Co.,734% priorpf.10034
5 Rheabat Corp.. pref
$5 lot
on
6%
20 Lockwood. Green & Co., Inc.,
7% pref
3 Lockwood, Green & Co., Inc..
pref.
claw B corn
37 Turners Falls Pow. & Elec. Co.
19135. ex-div.
47 Merrimac Chemical Co_ _77% ex-div.
10 Firestone-Ansley Rubber Co., pr. 88
100 Merrimac Chemical Co_ _78, ex-div.
50 United States Stores Corp., 7%
cony. pref
55
50 Loose Wiles Biscuit Co..26 pref_170
250 New Orleans Pub. Serv. Co.,
COM
29
1,000 Trinity Conner Co.. Par $5_320 lot
141 Cities Service Ref. Co., corn _ _ 1
282 Cities Service Ref. Co., pref.__ 50
2
70 Spencer
en
Fork Coal Co., W. Va_310 lot
10 North Boston Ltg. Prop., pref _109%
250 Tide Crest Co
34
24 Sullivan Machinery Co
1,000 Homa Okla Oil, par 55
2
100 Amer.& Foreign Power,2d pref
with warrants
59
200 Amer.& Foreign Power,26 pref.
without warrants
54
250 Murphy Coal Corp.of Virginia$10 lot
100 Copper Range Co., par $25_ _ _ 143-4
No. Rights.
$ Per right.
100 Flintoke Co
Bonds.
Per Cent.
$50.000 B. B. & R. Knight, Inc.,
1st 7s, Sept. 1930 ctf. of dep 10 flat
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Albany & Susquehanna (extra)
Allegheny & Western
Atlanta & West Point
Carolina Clinchf.& Ohio, COLO.(War.)
Common stamped certificates (quar.).
Elmira & Williamsport, pref
Great Northern, preferred
Hudson & Manhattan. preferred
Lehigh &Hudson River (quar.)
Extra
Missouri-Kansas-Texas, pref. A (guar.).
Northern RR.of New Hampshire(quar.)
Norwich & Worcester. pref. (guar.). _
Pennsylvania Company (quar.)
Pitts. Cin. Chic. & St. Louis
Reading Company, corn, (quar.)
Common (extra)
Rome & Clinton
Texas di Pacific, pref. (annual)
Troy Union RR
Wabash Railway, pref. A (guar.)
Western Railway of Alabama
Per
When
Cent. Payable
2
3
4
75c,
14
$1.61
234
4.234
2
4
135
135
2
.0135
234
1.$1
4.11
234
5
6
*1)(
4
Books Closed.
Days inclusive.
Jan. 8 Holders of rec. Dec. 22a
Jan. 1 Holders of rec. Dec. 210
Dec. 31 Dec. 21 to Dec. 31
Jan. 10 Holders of rec. Dec. 310
Jan, 10 Holders of rec. Dec. 31a
Jan. 1 Holders of rec. Dec. 200
Feb. 1 Holders of rec. Dec. 300
Feb. 15 *Holders of rec. Feb. 1
Dec. 31 Holders of rec. Dec. 31s
Dec. 31 Holders of rec. Dec. 3Ia
Feb. 1 Holders of rec. Jan. 15a
Jan. 3 Holders of rec. Dec. 13
Jan. 3 Holders of rec. Dec. 180
Dec. 31 *Holders of ntc. Dec. 22
Jan. 20 Holders of rec. Jan. 10
Feb. 10 *Holders of ree. Jan. 13
Feb. 10 *Holders of rec. Jan. 13
Jan. 1 Dec. 22 to Jan. 1
Dec. 31 Holders of rec. Dec. 310
Jan. 15 Holders of roe. Dec. 31a
Feb. 25 *Holders of rec. Jan. 25
Dec. 31 Dec. 21 to Dec. 31
Public Utilities.
Adirondack Pow.& Lt., 7% pref. (qu.)_ •134 Jan. 1 *Holders of rec. Dec. 20
Eight per cent preferred (quar.)
*2
Jan. 1 *Holders of rec. Dec. 20
American Gas Co.(N. J.) (guar.)
2
Jan. 13 Holders of rec. Dec. 31
Associated Gas& Electric, class A (quar) (z) Feb. 1 Holders of rec. Dec. 31
Bolivian Power Co., Ltd., common
2
Dec. 30 Holders of rec. Dec. 24
Brooklyn-Manhattan Transit,corn.(qu.) 31
Jan. la Holders of rec. Dec. 3145
Buffalo Niagara & East.Pow.,com.(qu.) 25c. Jan. 3 Holders of rec. Dec. 15
Preferred (quar.)
40c. Jan. 3 Holders of rec. Dec. 15
Central Illinois Light,6% pref. (gear.). 134 Jan. 3 Holders of rec. Dsc. 15
Seven per cent preferred (quar.)
154 Jan. 3 Holders of rec. Dec. 15
Central Power & Light, preferred (guar.) •134 Feb. 1 *Holders of rec. Jan. 15
Chickasha Gas& Elec.,common (quar.). 1
Jan. 1 Dec. 25 to Jan. 2
Preferred (quar.)
135 Jan. 1 Dec. 25 to Jan. 2
Cincinnati Car Co.,corn.(guar.)
358. Jan. 3 Holders of rec. Dec. 200
Cincinnati Gas & Electric (quar.)
14 Jan. 3 Holders of rec. Dec. 14
Cincinnati Street Ry.(guar.)
6235c Jan. 1 Dec. 25 to Jan. 2
Cleveland Electric Shun., corn. (guar.) _
255 Jan. 15 Holders of rec. Dec. 310
Coast Valleys Gas& Elec.,6% pf.(go.). 155 Jan, 1 Holders of rec. Dec. 15
Seven per cent preferred (quar.)
14 Jan. 1 Holders of roe. Dec. 15
Columbus Elec. & Power, old corn. (au.) 234 Jan, 3 Holders of rec. Dec. 15
Commonwealth Power,common (quar.). *500. Feb. 1 *Holders of rec. Jan. 7
Preferred (guar.)
•135 Feb. 1 *Holders of rec. Jan. 7
Eastern N.J. Power Co.,8% pref.(qu.) 2
Jan. 1 Dec. 22 to Jan. 1
Seven per cent pref. (quar.)
1)( Jan. I Dec. 22 to Jan. 1
Edison Electric Co. of Brockton (extra)_ 25c. Dec. 31 Holders of rec. Dec. 244
Elmira Water, Lt. & RR., corn. (qu.)
135 Dec. 31 Holders of rec. Dec. 16a
Empire Power, participating stock
50c. Jan, 1 Holders of rec. Dec. 23
Foshay(W.B.) Co., common (monthly) 67c. Jan. 10 Holders of rec. Dec. 30
Seven per cent preferred (monthly)_ _ _ 58c, Jan, 10 Holders of rec. Dec. 30
Preferred A (monthly)
67e, Jan. 10 Holders of rec. Dec. 30
General Public Service Corp.,$6 pf.(qu.) $1.50 Feb. 1 Holders of rec. Jan. 10a
Convertible preferred (guar.)
$1.75 Feb. 1 Holders of roe. Jan. 10a
Name of Company.
Per
When
Cent. Payable.
BooIcs Closed.
Days Inclusive.
Public Utilities (Concluded).
44 Jan. 1 *Holders of rec. Dec. 150
Gas& Electric Securities, corn.(m'thlY)Pi Jan. I Holders of rec. Dec. 15a
Common (payable in common stock)_
41 Feb. 1 Holders of rec. Jan. 150
Common (monthly)
Common (payable in common stock)_ - 15.4 Feb. 1 Holders of rec. Jan. 15a
44 Mar. 1 Holders of rec. Feb. 150
Common (monthly)
Common (payable In common stock)_ _
134 Mar. 1 Holders of rec. Feb. 150
Common (monthly)
% Apr. 1 Holders of rec. Mar. 15a
Common (payable in common stock)_ _
155 Alm. 1 Holders of rec. Mar. 15a
7-12 Jan. 1 Holders of rec. Dec. 15a
Preferred (monthly)
7-12 Feb. 1 Holders of rec. Jan. 150
Preferred (monthly)
7-12 Mar. 1 Holders of rec. Feb. 150
Preferred (monthly)
7-12 Apr. 1 Holders of rec. Mar. l,
Preferred (monthly)
Georgia Light, Power & Rye., pref.(qu.) 144 Jan. 2 Holders of rec. Dec. 20a
Gold & Stock Telegraph (quar.)
134 Jan. 3 Holders of rec. Dec. 31a
Hackensack Water, preferred A (guar.)_ *433jc Dec. 31 *Holders of rec. Dec. 20
Havana Electric & Utilities, 18t pf.(qu.) $1.50 Feb. 15 Holders of rec. Jan. 21
$1.25 Feb. 15 Holders of rec. Jan. 21
Cumulative preferred (guar.)
8734c. Jan. 15 Holders of rec. Jan. 3a
International Utilities, class A (quar.)
$7 preferred (guar.)
$1.75 Feb. 1 Holders of rec. Jan. 21a
25e. Dec. 31 Holders of rec. Dec. 23a
Lowell Electric Light Co. (extra)
144 Jan. 3 Holders of rec. Dec. 20a
Manhattan Ry., unassented stock (qu.)_
Marconi Wireless Teleg., Ltd., pref
334 Jan. 1 Dec. 24 to Dec. 31
Massachusetts Gas Cos., corn. (quar.)_ "$1.25 Feb. I *Holders of rec. Jan. 15
Missouri Gas& El. Serv., prior lien (qu.) $1.75 Jan. 15 Holders of rec. Dec. 31
Montreal Lt. Heat & Pow. Consolidated
No par value stock (2 months div.)__ _ 33 1-3 Jan. 31 Holders of rm. Dec. 31
Jan. 15 Jan. 1 to Jan. 15
2
Montreal Telegraph (quar.)
Mountain States Telep.& Teleg.(quar.) *2
534 Feb. 1 Holders of rec. Dec. 30
Nevada-Calif. Elec. Corp. pref.(qu.)_
New England Invest. & Security, pref._ $2 Jan. 3 Holders of rec. Dec. 20
134 Jan. 1 Holders of rec. Dec. 18
New England Power, pref.(quar.)
Dec. 30 Holders of rec. Dec. 17
Newfoundland Light & Pow.. Ltd., corn. 2
New Orleans Public Serv. pref. (guar.). 144 Jan. 3 Holders of rec. Dec. 20
Jan. 15 Holders of rec. Dec. 31
Northern Mexico Power drDevel.,
'
corn -- I
144 Jan. 3 Holders of rec. Dec. 22
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 29a
Northwestern Bell Teter), corn.(guar.). 2
134 Jan. 15 Holders of rm. Dec. 20a
Preferred (quar.)
Northewatern Power, class A (quar.)--- "$1.50 Jan. 1 'Holders of rec. Dec. 20
*50. Jan. 15 'Holders of rec. Jan. I
Ohio 011 & Gas (guar.)
Ontario Power dr Light, pref.(quar.)- - *144 Feb. I *Holders of rec. Jan. 15
Penn-Ohio Edison 7% prior pref.(an.).. 144 Mar. 1 Holders of rec. Feb. 21
$1.50 Jan. 15 Holders of rec. Dec. 31
$6 preferred (quar.)
Peoples Light & Power Corp.
200. Jan. 10 Holders of rec. Dec. 30
Common class A (monthly)
10c. Jan. 10 Holders of rec. Dec. 30
Common class B (monthly)
58c. Jan. 10 Holders of rec. Dec. 30
7% Preferred (monthly)
$1 Jan. 31 Holders of rec. Jan. 15
Philadelphia Rapid Transit (guar.)
Philadelphia & Western Ry., pref.(qu.)- "6244c Jan. 15 *Holders of rec. Dec. 31
Jan. 1 Dec. 25 to Jan. 2
Public Service Co.of Okla., corn.(qu.)-- 1
134 Jan. 1 Dm. 25 to Jan. 2
Prior lien stock (quar.)
144 Jan. 1 Dec. 25 to Jan. 2
Preferred (quar.)
144 Feb. 1 Holders of rec. Jan. 14a
Public Service Elm.Power, pref.(qu.)
144 Dec. 10 Holders of rec. Nov. 15a
Southern Cities Utilities, pref. (quar.)
134 Jan. 1 Holders of rec. Dec. ha
Southern Gas& Power, pref.(quar.)___ _
Southern Indiana Gas& El.,7% Pf.(q1.) 134 Jan. 3 Holders of rec. Dec. 27
144 Jan. 3 Holders of rec. Dec. 27
6% preferred (quar.)
Jan. 3 Holders of rec. Dec. 27
3
6% pref. (semi-ann. diva.)
1.65 Jan. 3 Holders of rec. Dec. 27
6.6% pref. (quar.)
Springfield (Maas.) Ry.Cos., corn.(qu.) $1.15 Jan. 3 Holders of rec. Dec. 20
2
Jam 3 Holders of rec. Dec. 20
Preferred
2
Dec. 31 Holders of rec. Dec. 23
Standard Gas Light of N.Y., pref
Turners Falls Pr.& Elec.,empl.stk.(qu) 200. Doe. 31 Holders of rec. Dec..16
United Gas& Electric Company,pref.-- 234 Jan. 15 Holders of rec. Dec. 31
134 Jan. 15 Holders of rec. Dec. 310
Western Power Corp.. prof.(guar.)
Western States Gas& Elm.. pref.(quar.) 134 Jan. 15 Holders of rec. Dec. 31
Banks.
American Union (guar.)
Colonial (guar.)
Special
Coney Island, Bank of
Eastern Exchange (guar.)
First National, Brooklyn (guar.)
Franklin National (guar.)
Garfield National (quar.)
Extra
Hanover National (quar.)
Extra
Harlem Bank of Commerce (guar.)
Extra
Nassau National, Brooklyn (quar.)
Extra
New Netherlands (quar.)
Washington Heights, Bank of (quar.)
Trust Companies.
American (quar.)
Central Union (quar.)
Extra
Empire (guar.)
Extra
Federation Bank & Trust (guar.)
Extra
Title Guarantee & Trust(qow.)
Extra
Extra
134
3
3
5
I
234
1
3
4
6
6
*134
"1
3
3
2
144
134
7
4
3
3
2
2
4
5
5
Jan. 3 Holders of rec. Dec. 20a
Jan. 3 Dec. 21 to Jan. 12
Jan. 3 Dec. 21 to Jan. 12
Jan. 2 Holders of rec. Dec. 31a
Dec. 30 Dec. 21 to Dec. 29
Jan. 3 Holders of rec. Dec. 17
Jan. 3 Holders of rec. Dec. 200
Dec. 31 Holders of rec. Dec. 240
Dec. 31 Holders of rec. Dec. 240
Jan. 3 Dec. 22 to Jan. 2
Jan. 3 Dec. 22 to Jan. 2
Dec. 24 'Holders of rec. Dec. 16
Dec. 24 *Holders of rec. Dec. 16
Jan. 3 Dec. 30 to Jan. 11
Jan. 3 Dec. 30 to Jan. 11
Jan, 3 Holders of rec. Doe. 18a
Jan. 1 Dec. 27 to Jan. 1
Dec. 31
Jan. 3
Jan. 3
Dec. 31
Dec. 31
Jan. 1
Jan. 1
Jan. 3
Jan. 3
Mar. 31
Holders of rec. Dec. 200
Holders of rec. Dec. 23a
Holders of rec. Dec. 230
Holders of roc. Dec. 24a
Holders of rec. Dec. 24a
Holders of rec. Dec. 31a
Holders of rec. Dec. 31a
Holders of rec. Dec. 22
Holders of rec. Dec. 22
Holders of rec. Mar. 22
Miscellaneous.
134 Feb. 1 Holders of rec. Jan. 15
Abraham & Strom, Inc., pref. (quar.)
2
Jan, 2 Dec. 22 to Jan. 1
Alabama Fuel & Iron (guar.)
6234e. Jan. 18 Holders of rec. Jan. 8
Alliance Realty (guar.)
8734e. Jan. 18 Holders of rec. Jan. 8
Extra
630. Jan. 3 Holders of rec. Dec. 15
Aloe(A. S.) Co
American Bond & Mortgage, pref. (qu.) 134 Jan. 1 Holders of rec. Dec. 20
Amerada Corporation,tom (quar.)--- - 50c. Jan. 31 Holders of rec. Jan. 15a
Amer. Furniture Mart Bldg., pref. (qu.) 134 Jan. 3 Holders of rec. Dec. 20
20e. Feb. 1 Holders of rec. Jan. 15a
American Home Products (guar.)
144 Jan. 3 Holders of rec. Dec. 210
American Screw (guar.)
Amer.Solvents & Chem., part. pref.(qu.) *75e. Jan. 1 'Holders of rec. Dec. 23
Dec. 31 Holders of rec. Dec. 240
$2
American Surety (quar.)
$1
Dec. 31 Holders of rec. Dec. 240
Extra
134 Jan. 3 Holders of rec. Dec. 22
Arlington Mills (quar.)
450.
Jan.
3 Holders of rec. Dec. 23
Arundel Corporation (guar.)
20c. Jan. 3 Holders of rec. Dec. 23
Extra
*334 Jan. 15 *Holders of rec. Dec. 31
Auto Finance Co., preferred
Baer-Sternberg dc Cohen, 1st pref. (411.) 134 Jan. 3 Holders of rec. Dec. 22
2
Jan. 3 Holders of rec. Dec. 22
Second preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 30
Barnet Leather, Inc., pref. (guar.)
*51.25 Jan. 2 *Holders of rec. Dec. 20
Beatrice Creamery, corn.(quar.)
"134 Jan. 2 'Holders of rec. Dec. 20
Preferred (quar.)
30c. Jan. 2 Holders of rec. Dec. 20
Berry Motor (guar.)
"750. Feb. 1 *Holders of rec. Jan. 21
Blaw-Knox Co., corn
'I% Feb. 1 'Holders of rec. Jan. 21
First preferred (guar.)
*250. Jan. 3 *Holders of rec. Dec. 21
Bliss(E. W.) Co., corn.(guar.)
"11
Jan. 3 *Holders of rec. Dec. 21
First preferred (guar.)
'87340 Jan. 3 *Holders of rec. Dec. 21
Second preferred, class A (guar.)
•150. Jan. 3 *Holders of rec. Dec. 21
Second preferred, class B (guar.)
Bowman-Biltmore Hotels, 1st pref.(qL) 4.1% Jan. 3 "Holders of rec. Dec. 22
*5
Feb. 1 *Holders of rec. Dec. 22
Second preferred (annual)
•700. Mar. 1 *Holders of rec. Feb. 18
Brach (E. J.) & Sons (guar.)
Brandram-Henderson, Ltd., pref.(qu.). 144 Jan. 3 Holders of rec. Dec. I
Brewers & Distillers of Vancouver, Ltd_. 234 Jan. 15 Jan. 12 to Jan. 15
Buffalo Lithia Springs Co., pr. pl. (qu.) 43340 Jan. 3 Holders of rec. Dec. 24
Dec. 31 Dec. 21 to Jan. 2
Bulkley Building (Cleveland), pref.(qu.) 1
Burns Bros., prior preferred (quar.)_-- •154 Feb. 1 *Holders of rec. Jan. 14
"144 Feb. 1 *Holders of rec. Jan. 15
Byers (A. M.) Co., pref. (quar.)
134 Jan. 17 Holders of rec. Dec. 31
Canada Cement, ordinary (guar.)
500. Jan, 15 Holders of rec. Jan. 1
Canada Dry Ginger Ale (quar.)
Canadian Industrial Alcohol (quar.) _ _ 320. Jan. 15 Holders of rec. Dec. 31
e20
Jan. 15 Holders of rec. Dec. 31
Stock dividend
[VOL. 123.
THE CHRONICLE
3284
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Dec. 28 Holders of rec. Dec.•17
Central American Plantations Corp____ $10
Chicago Ry. Equipment, corn.(quar.)__ "75c. Dec. 31 'Holders of rec. Dec."20
*144 Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
Christie, Brown & Co., Ltd., corn.(qu.) 300. Feb. 1 Holders of rec. Jan.,15
1;4 Feb. 1 Holders of rec. Jan. 20
Preferred (quar.)
Cities Service50c. Jan. 1 Holders of rec. Dec. 15a
Preferred BB (monthly)
50o. Feb. 1 Holders of rec. Jan. 150
Preferred BB (monthly)
17ge. Jan. 1 Holders of rec. Dec. 15a
Bankers shares (monthly)
Jan. 1 Holders of rec. Dec. 20
2
Cleveland Union Stock Yards (quar.)_ _
1,4 Jan. 2 Holders of rec. Dec. 20
Cohn-Hall-Marx Co., pref. (quar.)
750. Dec. 31 Dec. 22 to Dec. 30
Conley Tank Car, tom.(quar.)
Dec. 31 Dec. 22 to Dec. 30
2
Preferred (guar.)
234 Jan. 25 Holders of rec. Jan. 15
Consolidated Royalty 011 (War.)
4.500. Jan. 20 *Holders of rec. Jan. 3
Corn Products Refining, corn.
*75c. Jam 20 "Holders of rec. Jan. 3
Common (extra)
•15.4 Jan. 15 "Holders of rec. Jan. 3
Preferred (quar.)
Creamery Package Mfg., corn.(quar.) •500. Jan. 10 *Holders of rec. Jan. 1
•1;4 Jan. 10 'Holders of rem Jan. 1
Preferred (quar.)
Credit Alliance Corp., corn.& cl.A.(go.) 750. Jan. 15 Holders of rec. Jan. 1
The. Jan. 15 Holders of roe. Jan. 1
Common & class A stocks (extra)
Preferred (quar.)
154 Jan. 15 Holders of rec. Jan. 1
Cudahy Pack. new $50 par corn.(No. 1) *El Jan. 15 *Holders of rec. Jan. 5
$1.75 Jan. 2 Holders of rec. Dec. 18
Curtis Publishing, pref. (quay.)
Del. Lackawanna dr West. Coal. (quar.) 112.50 Jan. 15 *Holders of rec. Doe. 1
'$1 Jan. 15 'Holders of rec. Dec. 1
Extra
Jan. 15 Holders of rec. Dec. 31
Dictograph Products Corp., pref.(quar.) $2
Dec. 31 Holders of rec. Dec. 22
Dixon (Joseph) Crucible (guar.)
2
Jan. 3 Holders of rec. Dec. 20
Doehler Die-Casting, pref. (qUar.)
Jan. 10 Holder's of rm. Dec. 28
Dominion Engineering
134 Jan. 3 Doe. 28 to Jan. 2
Eagle Warehouse & Storage (quar.)__
Extra
234 Jan. 3 Dee. 28 to Jan. 2
•
Eaton Axle & Spring, corn. (guar.)
*50c.
Edwards (Wm.) Co., pref. (guar.)
144 Jan. 1 Holders of rec. Dee. 20
Elliott-Fisher Co., corn. & corn, B (cm.)_ $1.50 Jan. 3 Holders of rec. Dec. 224
Jan. 3 Holders of rec. Dec .224
Common and common B (extra)
$3
144 Jan. 3 Holders of rec. Dec. 22a.
Preferred (guar.)
134 Dee. 31 Holders of rec. Dec. 27
Elyria Iron & Steel, pref.(quar.)
Dec. 31 *Holders of rec. Dee. 18
Farr Alpaca (quar.)
•2
Dec. 31 *Holders of roe. Doe. 18
Extra
Jan. 15 *Holders of rec. Jan. 5
*2
Federal Terra Cotta (quar.)
a7
Jan. 15 *Holders of rec. Jan. 5
Special
Filing Equipment Bureau, pref.(gear.). 144 Jan. 1 Holders of rm. Doe. 21
Financial & Indus. Secur., corn.(No.I). 500. Jan. 2 Holders of rec. Dec. 20
250. Jan. 2 Holders of rm. Dec. 20
Common (extra)
334 Jan. 1 Holders of rec. Dec. 27
Firestone Footwear Co
*Holders of rm. Doe. 24
•10
Fisher-Williams Corp
'Holders of rm. Jan. 5
*100
Stock d.vidend
•144 Feb. 1 *Holders of rec. Jan. 15
Fisk Rubber, 1st pref. (quar.)
•15.‘ Feb. 1 *Holders of rec. Jan. 16
First convertible preferred (guar.)._
144 Jan. 1 Holders of roe. Dec. 21
Foster (W. C.) Co., pref. (quar.)
Fraser Companies, Ltd., corn. (quar.)_ _
34 Jan. 1 Holders of roe. Doe. 24
144 Jan. 1 Holders of rec. Dee. 24
Preferred (quar.)
Dec. 81 Holders of rm. Dec. 16
3
French (Fred F.) Companies, pref
"51 Jan. 1 'Holders of rec. Dec. 20
General Fireproofing, corn. (quar.)
*25c. Jan. 1 *Holders of rec. Doe. 20
Common (extra)
"144 Jan. 1 *Holders of roe. Doe. 20
Preferred (quar.)
General Outdoor Advertising, Cora.(qu.) 50e. Jan. 15 Holders of rec. Jan. 5
*75o. Jan. 15 'Holders of rec. Jan. 7
General Refractories (guar.)
•1x Feb. 1 *Holders of rec. Jan. 15
Gimbel Bros., Inc., pref. (quar.)
C. G. Spring & Bumper, corn. (guar.)._ 110o. Feb. 15 Holders of rec. Feb. 80
Sc. Feb. 15 Holders of rec. Feb. 80
Common (extra)
Goldsmith (Louis), Inc., (Phila.) 1st pf_ 334 Jan. 3 Holders of rec. Dec. 20
Jan. 3 Holders of rem Doe. 20
3
Second preferred
37340 Jan. 15 Holders of rec. Doe. 31
Gotfredson Corp., Ltd. (quar.)
Jan. 1 "Holders of rec. Dec. 24
*53
Great Lakes Transit, tom
*1%. Jan. 1 'Holders of rec. Dec. 24
Preferred (guar.)
Great North Bond & Mortgage, corn_ _ $1 Jan. 1 Holders of rm. Dec. 20
1% Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
Jan. 2 "Holders of rec. Dm. 23
Hamilton-Brown Shoe, corn. (monthly).
.20c. Feb. 28 'Holders of rec. Feb. 18
Hawaiian Pineapple (extra)
•I0
Subj. to stkhldrs meeting in Feb.
Stock dividend_ ..,
25e. Jan. 1 Holders of rec. Dec. 24
Harbauer Co.(quar.)
Holders of rec. Doe. 31
$2
Hill, Joiner dr Co., Inc., corn
Holders of rec. Dec. 31.
334
Preferred
344 Jan. 3 Holders of rec. Dec. 27
Holmes(D. H) Co., Ltd. (quar.)
Jan. 15 Holders of rec. Doe. 310
$1
Howe Sound Co.(quar.)
4
Feb. 1 Holders of rec. Dm. 31
Hunt's Theatres, Inc., pref
Huttig Sash & Door, common (guar.)._ 8734c Jan. 2 Holders of rec. Doe, 20
144 Jqn. 2 Holders of rec. Dec. 20
Preferred (quar.)
'6234c Jan. 1 *Holders of rec. Doe. 20
India Tire & Rubber, corn. (guar.)
"31.75 Jan. I *Holders of rec. Dec. 20
Preferred (quar.)
Dec. 31 *Dec. 28 to Jan. 2
Industries Devel. Corp., corn.(No. 1) "$1
"2
Doe. 31 'Doe. 28 to Jan. 2
Preferred (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Interlake Steamship (quar.)
International Match, panic. pref.(qu.). 80c. Jan. 15 Holders of rm. Doe. 276
334 Jan. 3 Holders of rec. Dec. 24
Insurance Securities Co., Inc.(quar.)134 Dec. 31 'Dec. 21 to Jan. 1
Kalbfleisch, Inc., pref. (quar.)
Feb. 1 Holders of rec. Jan. 17
Kayser (Julius) & Co., coin.(quar.)---- $1
Jan. 31 Holders of rec. Jan. 10
32340
com.(qu)
Kellogg Switchboard & Supply,
144 Jan, 31 Holders of rec. Jan. 10
Preferred (quar.)
Dec. 31 Holders of rec. Dec. 22
Kelley Island Lime & Transport (guar.). 2
2
Dec. 31 Holders of rec. Dec. 22
Extra
2
Jan. 2 Holders of rec. Doe. 27
Laclede Steel (quar.)
250. Dec. 31 Holders of rec. Dec. 21
Lake Ede Bolt & Nut(No. 1)
'$1.25 Feb. 1 *Holders of rec. Jan. 8
Lehigh Valley Coal
"25c. Feb. 1 'Holders of rec. Jan. 8
Extra
4
Jan. 1 Holders of rec. Doe. 24
Long Island Safe Deposit
Feb. 1 *Holders of rec. Jan. 17
Lord & Taylor, Inc., 2d pref. (guar.). _ _ *2
Madison Square Garden Co.(quar.)_ _ _ _ *25c. Jan. 15 *Holders of rec. Jan. 5
"250. Apr. 15 *Holders of rec. Apr. 5
Quarterly
*25c. July 15 *Holders of rec. July 5
Quarterly
•250. Oct. 15 "Holders of rem Oct. 5
Quarterly
344 Jan. 1 Holders of rec. Dec. 29
Madsen Blanche(New Orleans), pref_
3744c. Jan. 3 Holders of rec. Doe. 206
Manning, Bowman & Co., class A
1% Jan. 3 Holders of rec. Dec. 21
McCaskey Register, let pref. (quar.)
2
Jan. 3 *Holders of rec. Dec. 27
Morris Plan Co. (gear.)
"2
Extra
Jan. 3'Holders of rec. Dec. 27
143
Jan. 5 Holders of rec. Doe. 27
Mount Royal Hotel Co., Ltd.. prof
Jan. 2 Holders of rec. Doe. 206
Murray-Ohio Mfg., partic. pref.(quar.). 2
144 Jan. 3 Holders of rec. Dec. 27
Nashua Manufacturing, pref.(quar.)
National Equipment Co., pref.(guar.)._ $1.25 Jan. 3 Holders of rec. Dm. 24
1% Jan. 15 Holders of rec. Dec. 31
National Fireproofing, pref. (quar.)_ _ _
3
Naumkea• Steam Cotton (quar.)
Jan. 3 Holders of rec. Dec. 23
"25e. Jan. 3 "Holders of rec. Dec. 20
Newark Yellow Cab (guar.)
60c. Jan. 17 Holders of rec. Dec. 31
Newmont Mining Corp. (guar.)
e5
Jan. 17 Holders of rec. Doe. 31
Stock dividend
Jan. 2 Holders of rec. Dec. 15
New Orleans Cold Storage & W'house.._ 5
•234 Jan. 15 "Holders of rec. Jan. 5
New York Dock, preferred
5
Jan. 3 Holders of rec. Dec. 23
N. Y.Title & Mortgage (quar.)
1
Jan. 3 Holders of rec. Dec. 23
Extra
Noe-Equl Textile Mills, Inc.. el. A (411.) 56 gc. Jan. 3 Holders of rec. Doe. 21
6234 . Jan. 1 Holders of rec. Dec. 20
North American Car (guar.)
North Amer. Discount Corp.. pref.(qu.) 144 Jan, 1 Holders of rec. Dec. 23
6234c Jan. 3 Holders of rm. Dec. 27
Novadel Process Corp., corn.(No. 1)_
50c. Jan. 3 Holders of rm. Dec. 27
Preferred (quar.)
81.50 Jan. 15 Holders of rec. Dec. Ma
Otis Elevator, common (quar.)
Feb. 1 Holders of rec. Jan. 5a
Common (payable in Common stock)_ _ 125
*50e. Jan. 3 *Holders of rec. Doe. 20
Parke Davis & Co.(guar.)
41.50 Jan. 3 *Holders of rec. Dm. 20
Extra
$1.25 Jan. 15 Holders of rec. Dec. 310
Pennsylvania Salt Mfg. (quar.)
Phelps-Dodge Corp.(guar.)
1% Jan. 3 Holders of rec. Doe. 240
*S2 Dec. 31 *Holders of rem Dec. 27
Pilgrim Mills (quar.)
Pines Winterfront Co., A & B (guar.)._ *50e.
'St
Class A & B (extra)
Holders of rec. Dec. 20
Plymouth Plan Co. of N.Y., corn.(ann.) 4
50c. Aug. 31 Holders of rec. July 310
Prairie Oil & Gas(gear.)
8e. Jan. 4 Holders of rec. Doe. 17
Premier Gold Mining, Ltd.(gear.)
50c. Jan. 3 Holders of rec. Dee. 15
Price Bros., Ltd., corn. (quar.)
144 Jan. 1 Holders of rec. Dec. 27
Providence Ice, first pref. (guar.)
134
THE CHRONICLE
DEC. 25 19261
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclustre.
Miscellaneous (Concluded).
Pyrene Mfg.(guar.)
*2
Feb. 1 *Holders of roe. Jan. 20
Stock dividend
*50c. Jan. 15 *Holders of rec. Dec. 31
R S Music Co. (monthly)
*15c. Jan. 15 *Holders of rec. Jan. 1
Rand-Kardex, Inc., corn. A (quar.)._- 75o. Jan. 10 Holders of rec. Deo. 20
Richfield 011
•25c. Feb. 1 *Holders of rec. Jan. 5
Extra
•150. Feb. 1 *Holders of rec. Jan. 5
Richmond Radiator, pref.(guar.)
750. Jan. 15 Holders of rec. Dec. 310
Preferred (extra)
254). Jan. 15 Holders of rec. Dec. 31a
Royal Typewriter, corn
$1
Jan. 17 Holders of rec. Jan. 10
Preferred
334 Jan. 17 Holders of rec. Jan. 16
Ryan Car, preferred (guar.)
Dec. 31 H_Iders of roe. Dec. 15a
2
St. Louis Amusement, class A (guar.)._ $1.12% Dec. 24 Holders of rec Dec. 20
Sandusky Cement (guar.)
Jan. 1 Holders of rec. Dec. 24
$2
Extra
Jan. 1 Holders of rec. Dec. 24
$4
ScoviII Manufacturing (guar.)
•800.
Scruggs-Vandevoort-Barney Dry Goods_
First preferred
3
Jan. 3 Holders of rec. Dec. 21
Second preferred
334 Jan. 3 Holders of rec. Dee. 21
Securities Investors, corn. (guar.)
6234c. Jan. 2 Holders of rec. Dec. 21
Preferred (guar.)
2 ' Jan. 2 Holders of rec. Dec. 21
Shanklin Mtg., cony. pref. (quar.)
11.4 Jan. 1 Holders of rec. Dec. 25
Southern Dairies, class A (guar.)
Jan. 31 *Holders of rec. Jan. 15
•$1
Southern Pipe Line, new $50 par stock... 10
Mar. 1 Holders of rec. Feb. 10
Standard Comthl Tobacco, corn.(guar.) •250. Jan. 3 *Holders of rec. Dec. 28
Preferred
*33i Jan. 3 *Holders of rec. Dec. 28
Standard Screw, corn. (guar.)
234 Jan. 1 Holders of rec. Dec. 20
Sterling 011 & Development
•100. Dec. 31 *Holders of rec. Dec. 24
Stetson (John B.) Co., corn
413.7 Jan. 15 *Holders of rec. Jan. 1
Preferred
Jan. 15 *Holders of rec. Jan. 1
.4
Superheater Company (guar.)
$1.50 Jan. 15 Holders of rec. Dec. 29
Extra
$5
Jan. 15 Holders of rec. Dec. 29
Swift International
60c. Feb. 15 Holders of rec. Jan. 15
Telling-Beller Vernon Co., corn.(quar.)_ 75c. Dec. 31 Holders of rec. Doe. 200
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 20a
ti
Tuckett Tobacco, corn. (guar.)
Jan. 15 *Holders of rec. Dec. 31
Preferred (guar.)
•134 Jan. 15 *Holders of rec. Dec. 31
Union Steel Casting, common
*50c. Jan. 10 *Holders of rec. Dec. 31
Preferred (guar.)
•134 Jan. 10 *Holders of rec. Dec. 31
United Securities, Ltd., prof. (guar.)... 134 Jan. 3 Holders of rec. Dec. 22
U. S. Lumber (guar.)
*134 Jan. 3 *Holders of rec. Dec. 20
Extra
Jan. 3 *Holders of rec. Dec. 20
Utah-Idaho Sugar, pref. (guar.)
•17%c
Washington 011
Dee. 20 *Holders of rec. Dec. 18
*14
'
3
Welsbach Company, preferred
Doe. 31 *Holders of rec. Dec. 20
Western Grocers, preferred (guar.)
Jan. 15 Holders of rec. Dec. 31
Weetland Oil Corporation
•$1
Jan. 15 *Holders of rec. Dec. 31
Westmoreland Coal(guar.)
Jan. 3 Dec. 29 to Jan. 3
$1
Extra
500. Jan. 3 Dec. 29 to Jan. 3
Whitman (William) Co., Inc., pref.(cu.) 134 Jan. 1 Holders of rec. Dec. 21
Winnsboro Mills, common (guar.)
2
Jan. 3 Holders of rec. Dec. 24
Preferred (guar.)
11.4 Jan. 3 Holders of rec. Dec. 24
Woods Manufacturing, pref.(quar.)_ _
11.4 Jan. 3 Holders of rec. Dec. 28
Wright-Hargreaves Mines (guar.)
234c Feb. 1 Holders of rec. Jan. 15
Extra
12340 Feb. 1 Holders of rec. Jan. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
1Vhen
Cent. Payable.
Books Closed.
Days Inclustre.
Railroads (Steam).
Alabama Great Southern, ordinary
$1.75 Dec. 30 Holders of rec. Dec. 10
Ordinary (extra)
60e. Dee. Si) Holders of rec. Doe. 10
Preferred
$1.75 Feb. 14 Holders of rec. Jan. 14
Preferred (extra)
50c. Feb. 14 Holders of rec. Jan. 14
Albany & Susquehanna
434 Jan
1 Holders of rec. Dec. 15a
Atoll. Topeka tic Santa Fe, pref
234 Feb. 1 Holders of rec. Dec. 31a
Atlantic Coast Line RR., common
331 Jan. 10 Holders of rec. Dec. 17a
Common (extra)
134 Jan. 10 Holders of rec. Dec. 170
Baltimore az Ohio, coin.(quar.)
134 Mar. 1 Holders of rec. Jan. 15a
Common (extra)
Mar. 1 Holders of rec. Jan. I5a
Preferred (guar.)
Mar, 1 Holders of roe. Jan. 15a
1
Bangor & Aroostook, corn. (guar.)
75c. Jan. 1 Holders of rec. Dec. 14a
Preferred (guar.)
1% Jan. I Holders of rec. Dec. 140
Beech Creek (guar.)
500. Jan. 3 Holders of rec. Dec. 15a
Boston & Albany (uuar.)
234 Dee. 31 Holders of rec. Nov.300
Boston & Maine, prior preferred
2.33 Jan. 1 Holders of roe. Doe. 17
First pref. Cl. A (stpd. & unstpd.)_ _
Jan. 1 Holders of rec. Dec. 17
First pref. Cl. B (stpd. & unstpd.) Jan. 1 Holders of roe. Dec. 17
8
First pref. cl. C (stpd. & upstpd.)._
Jan. 1 Holders of rec. Dec. 17
7
First pref. Cl. D (stpd. & unatpd.)_ _ 10
Jan. 1 Holders of rec. Dee. 17
First pref. el. E (stpd. & unstpd.)
_ 4% Jan. 1 Holders of rec. Dec. 17
Boston & Providence (guar.)
2.34 Jan. 1 Holders of rec. Dee, 20
Boston Revere Beach & Lynn (guar.).- 134 Jan. 3 Holders of roe.
Den. 15a
Buffalo & Susquehanna, pref
Dec. 30 Holders of rec. Doe, 15a
2
Canada Southern
134 Feb. 1 Holders of rec.. Dec. 30a
Canasta!, Pacific. corn (quar)
234 Dec 31 Holders of rec. Dee. la
Central RR. of N. J. (extra)
2
Jan. 15 Holders of rec. Dec. 27a
Chesapeake& Ohio,corn.(guar.)
2
Jan. 1 Holders of rec. Dee. tia
Preferred A
834 Jan. 1 Holders of roe. Dee. 80
Chicago Burlington & Quincy
Dec. 27 Holders of reo. Dee. 17
chicago Indlanap. & Louisville, corn
Jan. 10 Holders of roe. Dec. 24a
Common (extra)
1
Jan. 10 Holders of rec. Doe, 24a
Preferred
2
Jan. 10 Holders of rec. Dec. 240
Chicago & North Western,corn
2
Dee 31 Holders of rec. Dec. la
Preferred
334 Dec 31 Holders of rec. Dec. la
Chicago Rock Island Az Pacific,6% pref.
Dec. 31 Holders of rec. Dee. 100
Seven per cent preferred
3% Dec. 31 Holders of rec. Dee. 10a
Chicago St Paul Minn & Omaha,pref
S Dec 31 Holders of rec. Dec. la
Cincinnati Northern
Jan. 20 Holders of rec. Jan. 13a
Cleve. Cin. Chic. & St. L., coin.
Jan. 20 Holders of rec. Dec. 30a
Preferred (Var.)
134 Jan. 20 Holders of rec. Dec. 30a
Colorado az Southern, corn
a Dec. 31 Doe. 12 to Jan. 2
First preferred
2
Dec. 31 Dec.'12 to Jan. 2
Second preferred
4
Dec. 31 Dec. 12 to Jan. 2
Consolidated Ma.of Cuba, pref.(guar.) 134 Jan. 3 Holders
of rec. Dec. 10a
Cuba RR., pref. (guar.)
3
Feb. 1 Holders of rec. Jan. 15a
Detroit Hillsdale & Southwestern
2
Jan. 5 Holders of roe. Doe, 20a
Detroit River Tunnel
3
Jan. 15 Holders of roe. Jan. 8a
Gulf Mobile & Northern, pref.(guar.)
134 Jan. 3 Holders of rec. Dec. 150
Preferred (account accumulated diva.) 3121.4 Jan. 3 Holders of
rec. Dec. 156
Hooking Valley (guar.)
2
Dec. 81 Holders of rec. Dec. 80
Illinois Central, leased lines
2
Jan. i Dec. 12 to Jan. 4
Joliet & Chicago (guar.)
134 Jan. 3 Holders of rec. Dec. 234
Kansas City Southern, pref. (guar.)._
1
Jan. 15 Holders of rec. Doe. 31a
Lake Erie & Western
*2
Jan. 3 *Holders of roe. Dec. 27
Lehigh Valley. cam.(guar.)
8734e Jan. 3 Holders of reo. Dec. 180
Common (extra)
$1.50 Jan. 3 Holders of roe. Dec. 18a
Preferred (guar.)
$1.25 Jan. 3 Holders of roe. Dee. 18
Little Schuylkill Nay. RR. & Coal
$1
Jan. 15 Dec. 18 to Jan. 18
Louisville & Nashville
3% Feb. 10 Holders of rec. Jan. 14a
Mahonlng Coal RR., corn. (guar.)
$12.50 Feb. 1 Holders of roe. Jan. 14a
Preferred
$1.25 Jan.
Holders of rec. Doe, 27a
Michigan Central
1734 Jan. 293 Holders of
rec. Dee. 304
Mobile & Birmingham, preferred
2
Jan. 2 Dee. 2 to Jan. 2
Mobile& Ohio
334 Doe. 30 Holders of rec. Dec. 230
Extra
3
Dec. 30 Holders of rec. Dec. 23a
Morris & Essex
2.1214 Jan. 3 Holders of roe. Dec. 96
N.Y. Central RR.(guar.)
1% Feb. 1 Doe. 31 to Jan.
26
N.Y. Chicago & St. Louis,common
2% Jan, 3 Holders of rec. Nov. 15a
Preferred Series A (guar.)
134 Jan, 8 Holders of rec. Nov.
15a
New York & Harlem, com, and pref._
$2.50 Jan. 3 Holders of rec. Dec. 154
N. Y. Lackawanna & Western (guar.)._
134 Jan. 3 Holdtus of rec. Dec.
13a
Northern Central
$2
Jan. 15 Holders of rec. Dec. 31a
Northern Pacific (quar.)
134 Feb. 1 Holders of rec. Dec. 3Ia
134
Name of Company.
3285
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
Northern
Securities
E
Jan. 10 Doe. 24 to Jan. 10
4
Jan. 10 Doe. 24 to Jan. 10
2
1% Jan. 1 Holders of rec. Dec. 11
134 Jan. 3 Holders of tee. Dec. 150
131 Feb. 1 Holders of roe. Jan. 15a
134 Feb. 1 Holders of rec. Jan. 15a
234 Jan. 10 Jan. 1 to Jan. 11
1% Jan. 1 Holders of tee. Dec. 100
1% Jan. 4 Holders of rec. Doe, 106
Pittsburgh
E
& Lake Erie
12.50 Feb. 1 Holders of rec. Jan. 17a
Feb. 1 Holders of rec. Jan. 170
$5
Pittab. McKeesp. & Tough.(quar.)
$1.50 Jan. 3 Holders of rec. Dec. 156
Pitts. & West Virginia, corn.(quar.).... 1% Jan. 31 Holders of rec. Jan. lba
Providence & Worcester (guar.)
Dec. 31 Holders of rec. Dec. 8
Reading Company,second pref.(guar.). 1
Jan. 13 Holders of tee. Dec. 230
Rensselaer az Saratoga
Jan. 1 Dec. 16 to Jan. 2
4
3y.6 Dec. 31 Dec. 22 to Jan. 2
Richmond Frederick & Potomac. guar.. .
Corn, voting stock & div. obligations '335 Dee. 31 Dec. 22 to Jan. 2
5
Corn,voting stock& div.oblig'n(extra) .
Dee. 31 Dec. 22 to Jan. 2
.1
Rutland, preferred
Jan. 20 *Holders of rec. Dee. 300
St. Louis-San
anFracisco,
(quar
corn.(quar)..
Jan, 1 Holders of rec. Dee, 15a
Preferred
Feb. 1 Holders of roe. Jan. 15a
Preferred (guar.)
May 2 Holders of rec. Apr. 96
Preferred (guar.)
Aug.
Holders of rec. July 150
Preferred (guar.)
Nov.
Holders of roe. Oct. 15a
St. Louis Southwestern, pref. (quiv.)_
Dec. 31 Holders of rec. Dec. 15a
Southern Pacific Company (guar.)
Jan. 3 Holders of rec. Nov. 2410
Southern Railway,nRa(
Feb. 1 Holders of rec. Jan. 106
ig
lwurs
ay
r,
.)com. (guar.)
Preferred
Jan. 15 Holders of rec. Jan. 3a
Toronto Hamilton & Buffalo
Dec. 8 *Holders of rec. Dee. 27
Union Pacific. common (guar.)
Holders of rec. Dee. 10
234 Jan,
United N. J. RR.& Canal Cos.(qua?.). 234 Jan. 1 Dec. 21 to Jan. 1
Virginian Railway
7
Dec. 3 Holders of rec. Dec. 210
1% Jan.
Western Pacific. pref. (quar.)
Holders of tee. Dee. 210
Old Colony (guar.)
Per, Marquette, corn. (quar.)
Prior preference (guar.)
Preferred (guar.)
Philadelphia & Trenton (guar.)
Pitpta
reerr
bi&e
8
Ft.
ci qwz
ay3e & Chic.corn.(311.)_
Wayne
Public Utilities.
Alabama Power $7 pref.(guar.)
$1.75 Jan.
Holders of tee. Dec. 15
18 preferred (guar.)
Mir Jan. 1 Holders of rec. Dec. 15
All-America Cables (guar.)
Holders of rec. Dec. 31a
Amer. & Foreign Power. pref. (quar.).. 4
$3
1%
.7c
5. Jan.
Holders of rec. Doe, lea
Allot. ctf. for com.& pref., 25% paid
Holders of rec. Dec. 15a
Amer. Gas& Elec., new no par com.(qu.) 2
(
5pc
)
. Jan.
Holders of rec. Dec. 14
Common (payable in coin. stock),,...
Holders of rec. Dec. 14
Common (payable in corn. stock)_
(p) Jan. 3 Holders of rec. Dee. 14
No par value pref., unstamped (quar.) 1% Feb. 1 Holders of tee. Jan. 10
No par value pref., stamped (mthly.) 50
.. 3
1 Holders of rec. Jan. 10
1 xo
American Power & Light, pref.(quar.)
Jan.
Holders of rec. Doe. 15
American Public Service, pref. (guar.)._
1% Jan. 3 Holders of rec. Doe. 156
Amer. Pub. ULU., partici. pref.(quar.)_. 51.75 Jan. 3 Holders of ree. Dee. 154
Prior preferred (guar.)
51.75 Jan. 3 Holders of roe. Doe. 166
Amer.SuperpowerCorp com.A &B(cu.) 30c. Dee. 31 Holders of rec. Nov.30a
Corn. A & B (In panic. pref. stock)._ _ n50c. Dee. 31 Holders of rec. Nov.800
First preferred (guar.)
Jan.
Holders of rec. Dec. ia
$
American Telep. & Teleg.(qua?.)
12%5°
3
5 Holders of rec. Doe. 206
Quarterly
31.4 Apr. 15 Holders of rec. Mar. 1541
Amherst Gas Co. (guar.)
Holders of rec. Dec. 15
Arkansas Natural Gas (guar.)
1
32
1Z. Jpa 31
1 Holders of rec. Doe. 10
Arkansas Power & Light,$7 pref.(quar.)
(No. 1)
$1.75 Jan. .3 Holders of rec. Dec. 17
Associated Gas & Elec., orig. pref.(qu.) y87%s Dec. 31 Holders of rec. Nov.30
Original series preferred (extra)
1/123.c Dec. 31 Holders of rec. Nov.30
$7 dividend series preferred (guar.).
p31.75 Dec. 31 Holders of rec. Nov. 30
Baltimore Electric, preferred
$1.25 Jan. 3 Holders of rec. Dec. 15a
Bangor Hydro-Elec. Co., 7% pref.(11L) 1% Jan. 1 Holders of rec. Doe, 10
Six per cent preferred (guar.)
134 Jan. 1 Holders of rec. Dec. IC
Bell Telephone of Canada (guar.)
2
Jan. 15 Holders of ree. Dee. 23
Bell Telep.of Penna.,01.4% pref.(guar ) 134 Jan. 15 Holders of rec. Dee. 200
Binghamton Lt., Ht. di Pr.,$6 pf.(qu.) $1.54) Jan.
Holders of rec. Doe. 15
Birmingham Electric Co., pref. (quer.) 11.76 Jan. 3 Holders of rec. Doe, 15
Boston Elevated Ky.,common (guar.)
134 Jan. 3 Holders of rec. Dec. 100
First preferred
4
Jan. 3 Holders of rec. Dec. 100
Preferred
334 Jan. 3 Holders of rec. Dec. 10a
Brazilian Tray.. L. & P., pref. (quer.)_ _
134 Jan. 1 Holders of rec. Dec. 150
Brooklyn-Manhattan Tran.. pf. A (qu.). 135 Jan. 15 Holders of ree. Dec. 31
Preferred aeries A (guar.)
1% Apr. 15 Holders of reo. Apr. 1
Brooklyn Union Gas(guar.)
51
Jan. 3 Holders of rec. Dec. 8a
Capital Tray., Washington, D. C.(qu.). 135 Jan. 1 Holders of rec. Dec. 13
Carolina Power & Light 57 pref.(guar.). 81.75 Jan. 8 Holders of rec. Dec. 15
$8 preferred
51.50 Jun. 3 Holders of rec. Doe. 15
Central Illinois Public Serv., pref. (qu) 51.50 Jan. 15 Holders of rec. Dec. 3Ia
Central az Southwest Utilities, cum
11.50 Feb. 1 Holders of roe. Dee, 31a
Prior lien (qu,r.)
51.75 Feb. 15 Holders of rec. Jan. 31
Preferred (quar.)
51.75 Feb. 1 Holders of reo. Jan. 31
Central States Elec. Corp., corn. (gust.) 25e. Dec. 3 Holders of roe. Dec. 10
Preferred (guar.)
1% Dec. 3 Holders of rec. Doe. 10
Chicago City Hallway (guar.)
134 Dec. 29 Dec. 18 to Doe. 28
Chic.. No.Shore & Milw.. prior lien(gu ) 11.4 Jan.
Holders of roe. Dec. 156
Preferred (guar.)
134 Jan.
Holders of reo. Dec. 166
Chicago Rapid Transit. prior pf.(mthly.) 65c. Jan.
Holders of roe. Dec. 210
Prior preferred (monthly)
85c. Feb.
Holders of roe. Jan. 18a
Prior preferred (monthly)
85c. Mar.
Holders of rte. Feb. 15a
Cin.New port & Cov.L
ji Jan. 1 Jan. 1 to Jan. 16
Tr.,Com .(111.)
Preferred (guar.)
134 Jan. 1 Jan. 1 to Jan. 16
Cleveland Railway,corn, new (quar.)__. 134 Jan.
Holders of rec. Dec. 13
Columbus Elec.& Pow., new cons.(gu.)_ 50c. Jan. 3 Holders of rec. Dec. 154
Preferred series 13 (qua?.)
sl.75 Jan. 3 Holders of rec. Dec. 156
Preferred series C (guar.) (Nod)
-31.112,, Jan. 3 Holders of rec. Dec. 156
Second pref. (quar.)
51.76 Jan.
Holders of roc. Dec. 150
Consul. G., E. L.& P., Halt,, corn.(go.) 6234eJun.
Holders of rec. Dee. 166
Preferred, class A (guar.)
Jan.
2
Holders of rec. Dec. I66
Preferred, class 11 (guar.)
I% Jan.
Holders of rec. Dec. 15a
Preferred, class C (guar.)
1% Jan.
Holders of roe. Doe. 156
Preferred. class D (guar.)
1% Jan.
Holders of rec. Dec. 15a
Consolidated Gas of N. Y.. pref. (qua?.) 51.10 Feb.
Holders of reo. Dec. 116
Consumers Power,8.8% pref.(monthly) 1% Jan. 2 Holders Of reo. Dec. 11
6.6% preferred (guar.)
1.85 Jan. 2 Holders of reo. Dec. 15 ,
7% preferred (guar.)
1% Jan. 2 Holders of reo. Dec. 18
8% preferred (monthly)
500. Jan. 2 Holders of reo. Dec. 16
8.6% preferred (monthly)
550. Jan. 2 Holders of rec. Dec. 16
Continental Gas & Elec., corn. (qua?.).. 8734c Jan. 3 Holders of reo. Dec. lba
7% prior preference (quar.)
1% Jan. 3 Holders of reo. Doe. 110
5% participating pref. (quar.)
134 Jan. 3 Holders of rec. Doe, Ila
6% participating pref. (quar.)
134 Jan. 3 Holders of rec. Dec. 116
6% preferred (guar.)
1% Jan. 3 Holders of rec. Doe, 116
Continental Passenger Ry., Phila
J$3
Dec. 30 Holders of roe. Nov. 30
Denver Tramway Corp., pref. (quar.).. $1.25 Jan. 1 Holders of rec. Dec. 150
Detroit Edison (quar.)
Jan. 15 Holders of rec. Dec. 206
2
Diamond State Telephone, pro!. (guar.) 1% Jan. 15 Holders of rec. Doe. 20a
Dominion Power & Transport'n. pf.(481.) 1% Jan, 15 Holders of rec. Dec. 23
Duke Power (guar.)
1
Jan. 3 Holders of rec. Dec. 15
Duluth-Superior Traction, pref.(guar.). 1
Jan. I Holders of rec. Dec. 150
East Bay Water, pref. A (guar.)
134 Jan. 15 Holders of rec. Dee. 31
Preferred B (quar.)
134 Jan. 15 Holders of rec. Dec. 31
Eastern Texas Electric Co.. Prof.(guar.) 1% Jan 3 Holders of rec. Doc. tla
Easthampton Gas Co. (qua?.)
52.50 Dec. 31 Holders of rec. Dec. 15
Electric Bond & Share, pref.(guar.)
1)4 Feb. 1 Holders of rec. Jan.
Electric Bond & Share Securities(guar.). 25e. Jan. 15 Holders of rec. Doe, 15
Electric Investors, One., com.(in cum.stk) (r) Jan. 15 Holders of rec. Doe. 16
31
Electric Light & Power of Abington &
Rockland (guar.)
500. Jan. 3 Holders of rec. Dec. 150
Extra
Jan.
50c.
3 Holders of rec. Dec.
Electric Power & Light,first prof.(guar.) $1.75 Ian, 3 Holders fo rec. Dec. 15a
15a
Allotment certifIcater for como.on
and prefem d f p.(guar.)
$1.75 Jan. 3 Holders tt rec. Dec. 15a
Allot.ctts. for corn.& pf. 40% pd.(gu) 700. Jan. 3 Holders of rec.
Dec. 15a
Elec. Public Service, 7% pref. (guar.). _
1% Jan. 1 Holders of
Dec. 20
Elmira Water, Light & RR., 1st pf.(qu.) 1% Doe. 31 Holders of rec.
rec. Dec.
5% second preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 18
El Paso Electric, pref. A (quar.)
1% Jan. 15 Holdere of rec. Jan. 18
3a
Preferred, series B (quar.)
l34 Jan. 15 Holders of rec. Jan.
30
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Empire Gas& Fuel,8% pref.(monthly). 662-3c Jan. 3 Holders of roe. Dec. 15
58 1-3c Jan. 3 Holders of rec. Dec. 15
2% preferred (monthly)
Empire Power Corp.. $8 pref.(guar.)._ _ $1.50 Jan. 1 Holders of rec. Dec. 23
$1.75 Jan. 3 Holders of roe. Dec. 6a
Engineers Public Service. pref.(quar.)
50c. Jan. 2 Holders of rec. Dec. 14a
Fall River Electric Light (guar.)
25e. Jan. 2 Holders of rec. Dec. 14a
Extra
Federal Light & Trac., common (guar.). 200. Jan. 3 Holders of rec. Dec. 150
Common (payable in common stock)._ 15c. Jan 5 Holders of roe. Dec. 15a
Federal Water Service. pref. (guar.)--- 81.75 Jan. 1 Holders of rem Dec. 20
Florida Power & Light, pref.(quar.)__-114 Jan. 3 Holders of rec. Dec. 17
General G. & E. Corp.. com.. cl. A(qu.) 3714c Jan. 1 Holders of roe. Dec. 150
Jan. 1 Holders of rec. Dec. 15a
$2
$8 Preferred, class A (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 150
$7 preferred. class A (guar.)
Preferred class B (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 15a
Greenfield Elec. L. de Pow.,com.(guar.) $2.50 Dec. 31 Holders of rec. Dec. 15
25c Dec. 31 Holders of rec. Dec. 15
Employees'stock (quar.)
38c Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
570 Jan. 3 Holders of rec. Dec. 200
Haverhill Gas Light (guar.)
14 Dec. 31 Holders of rec. Dec. 13
Houston Gas & Fuel, Prof. (guar.)
Dec. 31 Holders of rec. Dec. 30a
2
Illinois Bell Telephone (guar.)
Illinois Power,6% preferred (quar.)--.. 14 Jan. 2 Holders of rec. Dec. 15
14 Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
Holders of rec. Dec. 10
Illinois Power & Light 6% pref.(quar.). 14 Jan.
1% Jan. 1 Holders of rec. Dec. 10
Seven per cent preferred (guar.)
Jan. 1 Holders of rec. Dec. 200
1
Illinois Traction. pref. (guar.)
Indianapolis Water, pref. (guar.)
114 Jan. 1 Holders of rec. Dec. lbo
Internat. Power, Ltd., 1st pref. (ouar.)1h' Jan. 1 Holders of rec. Dec. 15
I% Jan. 15 Holders of rec. Dec. 270
International Telep. & Teleg. (quar.)
$1.75 Jan. 3 Holders of rec. Dec. 6
Interstate Power. $7 pref. (guar.)
Jamaica Public Service, pref. (guar.)._ $1.75 Jan. 3 Holders of rec. Dec. 20
Jersey Central Power & Light, pref.(qu.) 1% Jan. 1 Holders of rec. Dec. 17
Kansas City Power & Lt., 1st pf.(on.)- $1.75 Jan. 1 Holders of rec. Dec. 150
Kansas Electric Power.7% prof.(qu.)-- 14 Jan. 1 Holders of rec. Dec. 15
14 Jan. 3 Holders of rce. Dec. 15
Kansas Gas & Elec. Co., pref. (quar.)
14 Jan. 3 Holders of rec. Dec. 200
Kentucky Securities, com.(guar.)
14 Jan. 15 Holders of rec. Dec. 200
Preferred (guar.)
14 Jan. 15 Holders of rec. Dec. 31
Laurentide Power (guar.)
50c. Dec. 31 Holders of rec. Dec. 210
Lone Star Gas Corp.(quar.)
Jan. 1 Holders of rec. Dec. 21
Long Island Lighting, com. (quar.)
$1
114 Jan. 1 Holders of rec. Dec. 21
Preferred (guar.)
Louisville Gas & Elec.. corn. A & B (on.) 4314e. Dec. 25 Holders of rec. Nov. 300
1% Jan. 3 Holders of rec. Dec. 4a
Mackay Companies, common (quar.)
Jan. 3 Holders of rec. Dec. 46
1
Preferred (guar.)
Manila Elec. Corp., common (guar.)
.
- 50o. Dec. 31 Holders of rec. Doelbo
Massachusetts Ltg. Cos., corn.(guar.)_ _ 75c. Dec. 31 Holders of rec. Dec. 20
Six per cent preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 27
Jan. 15 Holders of rec. Dec. 27
2
Eight per cent preferred (guar.)
Memphis Power & Light, pref.(guar.).- 134 Jan. 3 Holders of roe. Dec. 18
Metropolitan Edison. $7 pref. (guar.)._ $1.75 Jan. 1 Holders of rec. Dec. 15
1 Holders of rec. Dec. 15
$6 preferred (quar.)
$1.50 Jan
$3.50 Jan. 15 Holders of rec. Dec. 31
Mexican Utilities. preferred
1% Jan. 15 Holders of rec. Dec. 310
Middle West Utilities, pref. (guar.)._
Midland Utilities, pref. A (guar.)
134 Jan. 6 Holders of rec. Dec. 22
1% Jan. 6 Holders of rec. Dec. 22
Prior lien stock (guar.)
Minnesota Power & Light, pref.(quar.). 14 Jan. 1 Holders of rec. Dec. 15
14 Jan. 1 Holders of rec. Dec. 15
Mississippi River Power, prof. (quar.)_
Missouri Power & Light, pref. (gu.).__ _
134 Jan. 1 Holders of rec. Dec. 20
50c. Jan. 3 Holders of rec. Dec. 20a
Mohawk Valley Co. (guar.)
MonongahelaW.PennPub.Berv..pf (qu.) 4334c. Jan. 1 Holders of rec. Dee. 15
14 Jan. 3 Holders of rec. Dec. 100
Montana Power, common (guar.)
134 Jan. 3 Holders of rec. Deo. 100
Preferred (guar.)
2
Jan. 15 Holders of rec. Jan. 7
Montreal Tramways(guar.)
Mountain States Power. prof.(guar.)_ _ _
34 Jan. 20 Holders of rec. Dec. 31
Municipal Gas Co. (of Texas). pf. (qu.) $1.75 Jan. 1 Holders of rec. Dec. 15
Municipal Service Corp.,cone. pref.(qu.) 50c. Jan. 3 Holders of rec. Dee. 15
Jan. 3 Holders of rec. Dee. 18
Narragansett Electric Lighting (guar.)._ $1
154 Jan. 1 Holders of rec. Dec. 20a
National Electric Power. pref. (guar.)._
Jan. 15 Holders of rec. Dec. 310
2
National Fuel Gas (quar.)
Jan. 15 Holders of rec. Dec. 310
2
Extra
$1.75 Jan. 3 Holders of rec. Dee. 11
National Power & Light, pref. (quar.)
National Public Service Corp.Pref. series A & partic. pref.(quar.)_ _ $1.75 Jan. 1 Holders of rec. Dec. 17
New England Power Assn., com.(guar.) 3734c Jan. 15 Holders of rec. dDec.31
13-i Jan. 01 Holders of rec. dDec.23a
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 10
New England Tele!). & Teieg. (guar.)- - 2
624c Dec. 31 Holders of rec. Dec. 16
New Haven Gas Light
New Jersey Power & Light.$8 pref.(au.) $ 1.50 Jan. 1 Holders of rec. Dec. 15
Newport News & Hampton Ry. Gas &
14 Jan. 1 Dec. 16 to Jan. 2
Electric Co., com. (quar.)
14 Jan. 1 Dec. 16 to Jan. 2
Preferred (guar.)
New York Central Elec. Corp., pf.(qu.) 14 Jan. 1 Holders of rec. Dec. 21
$1.50 Jan. 2 Holders of rec. Dec. 15a
New York Steam. $6 Preferred (guar.)
$1.75 Jan. 2 Holders of rec. Dee. 15a
Preferred series A (quar.)
14 Jan. 15 Holdkrs of rec. Dec. 20
New York Telephone, pref.(guar.)
43340. Jan. 15 Holders of rec. Dec. 31
Niagara Falls Power, pref.(guar.)
Niagara Lockp.& Ont. Pow.. com.(rm.) 750. Doe. 31 Holders of rec. Dec. I50
1% J80. 1 Holders of rec. Dec. 15a
Preferred (guar.)
1214 Jan. 3 Holders of rec. Dec. 60
North American Co.. com.(guar.)
75c. Jan. 3 Holders of rec. Dec. 60
Preferred (quar.)
$145 Jan. 3 Holders of rec. Dee. 20
North Amer. Lt. & Pr., pref. (guar.)._
14 Jan. 1 Holders of rec. Dec. 21
Northport Water Works, pref. (quar.)..
114 Jan. 3 Holders of rec. Doe. 15
North West Utilities, calor lien (quar.)
75o. Dec. 30 Holders of rec. Dec. 15
Northern N.Y. Utilities, cons.(quar.)_ _
114 Jan. 1 Holders of rec. Dee. 15
Northern Ohio Pr. & Lt.,6% Of.(qu.).
7'J, preferred (guar.)
114 Jan. 1 Holders of rec. Dec. 15
Northern Pennsylvania Pr., $7 pf.(qu.). *S1.75 Jan. 1 5Holdera of rec. Dec. 15
$1.50 Jan. 1 *Holders of rec. Dec. 15
.
$6 preferred (guar.)
Jan. 1 *Holders of rec. Dec. 15
•3
6% preferred (semi-annual)
Feb. 1 Holders of rec. Dec. 31
Nor. States Pow.(Del.), cl. A com.(411.) 2
13-4 Jan. 20 Holders of rec. Dec. 31
Seven per cent preferred (guar.)
134 Jan. 20 Holders of rec. Dec. 31
Six per cent preferred (guar.)
1.50 Jan. 3 Dec. 16 to Jan. 2
Northwestern Telegraph
1% Jan
1 Holders of rec. Dec. 20
Ohio Bell Telephone, pref.(guar.)
14 Jan. 1 Holders of rec. Dec. 22
Ohio River Edison, 7% pref.(quar.). _
Ottawa Light, Heat & Pow., com. (qu.) 14 Dec. 31 Holders of rec. Dec. 15a
1 Holders of rec. Dec. 15a
14 Jan
Preferred (guar.)
Ottawa Montreal Power. 7% pref. (qu.) I% Jan. 15 Holders of rec. Dec. 30a
Jan. 3 Holders of rec. Dec. 15
1
Ottawa Traction (quar.)
Jan. 3 Holders of rec. Dec. 15
1
Bonus
Jan. 15 *Holders of rec. Dec. 31
*2
Pacific Gas & Elec., com. (guar.)
31 Holders of rec. Dec. 270
Dec.
14
(guar.)
Teleg.,
com.
Pacific Telep. &
154 Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
1 Jan. 3 Holders of rec. Dec. 18
Panama Power & Light Corp., pref.(rm.) 14,
Penn Central Light & Power,$5 pf.(qu.) $1.25 Jan. 1 Holders of rec. Dec. 15a
134 Jan. 1 Holders of rec. Dec. 20
Pennsylvania Gas & Elec., pref. (qu.)
Pennsylvania Pow. & Light. $7 pl. OM.) $1.75 Jan. 3 Holders of rec. Dec. 15
$1.50 Jan. 3 Holders of rec. Dee. 15
$6 preferred (guar.)
Jan. 3 Holders of rec. Dec. 170
2
Pennsylvania Water & Power (quar.)Jan. 1 Holders of rec. Dec. 15a
3
Peoples Gas Co.. preferred
Jan. 17 Holders of rec. Jan. 30
2
Peoples Gas Light & Coke(guar.)
Portland Electric Power, first pref.(rm ) 13-4 Jan. 1 Holders of rec. Dec. 15
1 Holders of rec. Dec. 15
Jan.
134
Prior preference (guar.)
Jan. 15 Holders of rec. Dec. 31
1
Porto Rico Railways common (guar.)
Holders of rec. Dec. 15
3
Jan.
134
Preferred (quar.)
30
Power Corporation of Canada. pref.(qu.) 134 Jan. 15 Holders of rec. Dee.
25e. Dec. 31 Holders of rec. Dee. 15
Power Corp. of N.Y., com.(guar.)
Dec.
15
Holders
of
rec.
31
Dec.
250.
Common (extra)
Jan. 1 Holders of rec. Dec. 150
$1
Providence Gas (guar.)
30
rec.
Dee.
Holders
of
31
Dec.
50e.
(guar.)._
corn.
Public Sm.Co.of N.J.,
134 Dec. 31 Holders of roe. Dec. 30
6% preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 80
7% preferred Mar.)
Dec. 31 Holders of roe. Dec. 30
2
8% preferred (guar.)
Dec. 10
Public Service Elec. & Gas, 7% pf.(qu.) I% Dec. 31 Holders of rec. Dec. 100
13-4 Dec. 31 Holders of rec.
Six per cent preferred (quar.)
Dec. 20
rec.
Holders
of
15
Puget Sound Pow.& Lt., prior pt.(CPO- 134 Jan.
13.4 Jan. 15 Holders of rec. Deo. 20
Preferred (quar.)
31
Dec.
rec.
Holders
of
15
Jan.
13-4
Quebec Power, common (quar.)
134 Jan 3 Hdlders of rec. Dec. 15
Preferred (guar.)
Radio Corporation of Amer., pref.(qu.). 873.4c Jan. 1 Holders of rec. Dee. Is
1 Dec. 17 to Jan. 2
750. Jan
Reading Traction
[VOL. 128.
THE CHRONICLE
3286
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Jan, 1 Holders of rec. Dee. 150
Roanoke Gas Light, preferred
Jan. 3 Holders of rec. Dec. I50
Savannah Elec.& Pow.,deb.ser. A (qu.) 2
134 Jan. 3 Holders of rec. Dec. 15a
Debenture (1st pref.) series B (quar.)_
Jan. 10 Holders of rec. Dec. 24
Shawinigan Water & Power (quar.)
14 Dec. 31 Holders of rec. Dec. 200
South Pittsburgh Water, com.
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. dla
Southeastern Power & Light,$7 pf.(qu.) $1.75 Jan. 1 Holders of rec. Dec. 15
$1 Jan, 1 Holders of rec. Dec. 15
Participating preferred (guar.)
Jan. 15 Holders of rec. Dec. 20
Southern California Edison, orig. pf.(qu) 2
Southern Canada Power, Ltd., pf.(qu.). 14 Jan. 15 Holders of rec. Dec. 24
Southwestern Bell Telephone. pref.(rm.) 1,1 Jan. 1 Holders of rec. Dec. 20
Jan. 3 *Holders of rec. Dec. 15
Southwestern Gas & Elec.,8% pf.(au.).
•15i Jan. 3 *Holders of rim. Dec. 15
Seven per cent preferred (quar.)
Springfield Ry.& Light, pref.(guar.).- 134 Jan. 3 Holders of rec. Dec. 15
Standard Gas & El., common (guar.)... 75e. Jan, 25 Holders of rec. Dec. 31
Common (payable In common stook). (1-200 Jan. 25 Holders of rec. Dec. 810
Prior preferred (quar.)
13-4 Jan. 25 Holders of rec. Dec. 31
Dec. 31 Holders of rec. Dec. 15
4
Tacony-Palmyra Ferry
14 Jan. 2 Holders of rec. Dec. 15
Tennessee Elec. Pow.6% 1st pi.(qu.)_
7% first preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 15
1.80 Jan. 2 Holders of rec. Dee. 15
7.2% first preferred (guar.)
50c. Jan, 2 Holders of rec. Doe, 15
6% first preferred (monthly)
60c. Jan. 2 Holders of rec. Dec. 15
7.2% first preferred (monthly)
Jan. 1 Holders of rec. Dec. 15
Toledo-Edison Co prior pref. (quar.)_ _ 2
14 Jan. 10 Jan. 1 to Jan. 10
Trinidad Electric Co.(quar.)
Dec. 31 Holders of rec. Dec. 16
Turners Falls Power & Elec., corn. (qu.) $2
Twin City Rapid Transit, coin. (quar.). 134 Dec. 31 Holders of rec. Dec. 150
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. I5a
v$4.75 Jan. I Holders of rec. Dec. 16a
Union Passenger Ry. (Philadelphia)_
$1.50 Jan. 1 Holders of rec. Dec. 9a
Union Traction, Philadelphia
$1 Jan. 15 Holders of rec. Dec. 310
United Gas Improvement (guar.)
United Light & Pow., new corn. A (quar.) 120. Feb. I Holders of rec. Jan. 15
60c. Feb. 1 Holders of rec. Jan. 15
Old common A (guar.)
12c. Feb. 1 Holders of rec. Jan. 15
New common B (guar.)
60e. Feb. 1 Holders of rec. Jan. 15
Old common B (quar.)
$1.62 Jan. 3 Holders of rec. Dec. 15
Preferred class A (quar.)
Jan. 3 Holders of rec. Dec. 15
$1
Preferred class B (guar.)
Utah Gas & Coke, pf. & panic. pf.(qu.) $1.75 Jan, 3 Holders of rec. Dec. 15a
Utah Power & Light, pref. (guar.)
13-4 Jan. 3 Holders of rec. Dee. 10
Utilities Power & Light, class A (guar.)._ te50c. Jan. 3 Holders of roe. Dec. 130
w25e. Jan. 3 Holders of rec. Doe. fla
Class B (guar.)
to4lo. Jan. 3 Holders of rec. Doe. 6a
Class B (extra)
wl54 Ian. 3 Holders of rec. Dec. fla
Preferred (guar.)
Virginia Public Service, pref.(guar.) _ _
134 Jan, I Holders of rec. Dec. 15
Jan. 15 Holders of rec. Dec. 240
Wash. Water Power, Spokane,com.(qu.)
134 Jan. 2 Holders of rec. Dec. 31
West Kootenay Power & Lt., pr.(qu.)_ _
$1.71 Dec. 30 Holders of rec. Dec. 150
West Penn Electric, class A (quar.)
134 Feb. 1 Holders of roe. Jan. 15a
West Penn'Power,7% preferred (quar.)_
134 Feb. 1 Holders of roe. Jan. 15a
Six per cent preferred (quar.)
Ian. 1 Holders of rec. Dee. 15a
$5
west Philadelphia Passenger Ry
154 Jan. 15 Holders of rec. Dec. 31
Western Power Corp., pref. (guar.)._
Jan. 15 Holders of rec. Dec. 230
Western Union Telegraph (guar.)
13( Jan. 1 Holders of rec. Dec. 15
Winnipeg Electric Co., pref.(quar.)
Banks.
America, Bank of (guar.)
Amer. Exchange Irving Trust Co.(qu.).
Bank of New York & Trust Co.(quar.)_
Extra
Bowery & East River National (guar.)_ _
Broadway Central (guar.)
Capitol Notional (quar.)
Chase National (guar.)
Chase Securities Co.(guar.)
Chatham & Phenix Nat. Bk. Tr.(qu.)
Chelsea Exchange (quan)
Chemical National (hi-monthly)
Stock dividend
Commerce, National Bank of (quar.)_
Extra
Commercial Exchange (quar.)
Commonwealth
Fifth Avenue (guar.)
First National (guar.)
First Security Co.(guar.)
Greenwich (guar.)
Extra
Lebanon National
Manhattan Co., Bank of the (guar.)_
Mechanics (Brooklyn) (guar.)
Extra
Municipal (Brooklyn) (guar.)
Extra
Mutual (guar.)
Extra
National City (guar.)
National City Company (guar.)
Park,National(guar.)
Public National (guar.)
Queens-Bellaire(No. 1)
Seaboard National Mara
Standard(guar.)
Standard National Corp., common (qu)
Preferred (quar.)
State (quar.). United States(Bank of)(quar.)
Jan. 3 Holders of rec. Dec. 210
34 Jan. 3 Holders of rec. Dec. 18
Jan. 3 Holders of rec. Dec. 240
Jan. 3 Holders of rec. Dec. 24a
1
354 Dec. 31 Dec. 25 to Jan. 2
23-4 Jan, 1 Dec. 21 to Jan. 2
1% Jan. 3 Holders of rec. Dec. 2Ia
334 Jan. 3 Holders of ree. Dec. 180
Jan. 3 Holders of rec. Dec. 130
$1
Jan, 3 Dec. 15 to Jan. 2
4
Jan. 3 Holders of rec. Dec. 170
2
Jan. 03 Holders of rec. Dec. 23a
4
(I) Jan. 15
Jan. 2 Holders of rec. Dee. 170
4
J80. 2 Holders of rec. Doe. 170
2
Jan. 3 Holders of rec. Dee. 15
2
Jan. 3 Holders of rec. Dec. I50
5
Jan. 3 Holders of rec. Dec. 31a
6
Jan. 3 Holders of rec. Dec. 31a
20
Jan, 3 Holdeis of ree. Dec. 31a
5
Jan. 3 Holders of rec. Dec. 200
3
Jan. 3 Holders of rec. Dec. 20a
2
Jan. 3 Holders of rec. Dec. 20a
3
Jan. 1 Holders of rec. Dec. 17a
$2
Jan. 3 Holders of rec. Dec. 18a
3
Jan. 3 Holders of rec. Dec. 18a
2
Jan. 1 Dec. 21 to Dec. 31
2
2
Jan. 1 Dec. 21 to Dec. 31
3
Jan. 3 Holders of rec. Dec. 234
Jan, 3 Holders of rec. Dec. 230
10
4
Jan. 1 Holders of rec. Dec. 170
4
Jan. 1 Holders of rec. Dec. 17
8 Jan. 3 Holders of rec. Dec. Ira
4
Jan. 2 Holders of rec. Dec. 20
.3
Jan. 3 *Holders of rec. Dec. 21
4
Jan, 3 Holders of rec. Dec. 230
3
Jan. 3 Holders of rec. Dec. 270
Jan. 3 Holders of roe. Dec. 270
$3
134 Jan, 3 Holders of roe. Doe. 270
Jan. 3 Holders of rec. Dec. 170
234 Jan. 3 Holders of rec. Dec. 200
6
Trust Companies.
Bankers (guar.)
Bank of E_rope Trust Co.(guar.)
Extra
Brooklyn (guar.)
Extra
Equitable (guar.)
Fidelity (guar.)
Fulton (guar.)
Extra
Guaranty (guar.)
Lawyers Trust (guar.)
Extra
Manufacturers (guar.)
Mutual of Westchester County
Extra
New York (quar.)
United States (quan)
U.S. Mortgage & Trust Co.(quar.).
Extra
_
Fire Insurance.
Continental
Fidelity-Phenix
Stock dividend
Rossia (quar.)
Jan. 3
21i Jan, 2
4
Jan. 2
6 Jan. 3
3
Jan. 3
3
Dec. 31
23-4 Dec. 31
23-4 Jan. 3
Jan. 3
Dec. 31
14 Dec. 31
2
Dec. 31
Jan. 3
Jan. 3
3
Jan. 3
2
5 Jan. 3
12% Jan. 3
4
Jan. 3
4
Jan. 3
Holders of rec. Dec. 15
Holders of rec. Dee. 20
Holders of rec. Dec. 20
Holders of rec. Dec. 24
Holders of rec. Dec. 24
Holden) of roe. Dec. 210
Dec. 18 to Jan. 19
Holders of rec. Dec. 20a
Holders of rec. Dec. 20a
Holders of roe Dec. 17
Holders of rec. Dec. 18a
Holders of rec. Dec. 180
Holders of rec. Deo. 200
Holders of rec. Dec. 30
Holders of rec. Dec. 30
Holders of rec. Dec. 180
Holders of rec. Doe 21a
Holders of rec. Dec. 27
Holders of rec. Dec. 27
Jan,
$3
Jan,
$2
100 Jan.
51.50 Jan.
10
10
10
3
Holders of rec. Dec. 30a
Holders of rec. Dec. 3fla
Holders of roe. Dec. 30a
Holders of rec. Dec. 15a
$1.25 Jan. 20
154 Jan. 3
62Ibc Jan. 3
$1.50 Dec. 31
50c. Jan. 1
134 Doe. 31
1% Dec. 31
37%0 Jan. 2
25e. Doe. 31
154 Doe. 31
7%e Jan. 5
7%c Jan. 5
Holders of rec. Jan. 10
Holders of rec. Dec. 20
Holders of rec. Jan. 3a
Holders of rec. Dec. 150
Holders of rec. Dec. 17a
Holders of rec. Dec. 20
Holders of rec. Dec. 20
Holders of rec. Dec. 24
Holders of rec. Dec. 16
Holders of reo. Dec. 16
Holders of rec. Doe. laa
Holders of rec. Dec. 180
Miscellaneous.
Abitibi Power & Paper,common (guar.).
Preferred (quar.)
Acme Steel (guar.)
Adams Express (quar.)
Adams Royalty (guar.)
Aeolian Company, preferred (guar.)._ _
Aeolian, Weber Piano& Planola, pf,(qu.)
Aero Supply mfg., class A & B (guar.)._
Aetna Rubber, corn.(guar.)
Preferred (guar.)
Ahumada Lead (quar.)
Extra
DEC. 25 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Air Reduction (quar.)
$1.25 Jan. 15 Holders of rec. Dec. 3I0
Albany Perf.Wrapping Paper, com.(qu.) 500. Dec. 31 Dec. 25 to dJan. 2
Preferred (guar.)
191 Dec. Si Dec. 25 to dJan. 2
Allied Chemical & Dye. pref. (quar.).
1% Jan. 3 Holders of rec. Dec. 15a
Allis-Chalmers Mfg.. pref. (quar.)
134 Jan. 15 Holders of rec. Dec. 240
Aluminum Co. of Amer., pref. (quar.)_ _
199 Jan. 1 Holders of rec. Dec. 15a
American Art Works, corn & pt.
134 Jan, 15 Holders of rec. Dec. 31
American Bank Note,common (quar.)
50c. Jan. 3 Holders of rec. Dec. 150
Common (extra)
Dec. 30 Holders of rec. Dec. 8a
$1
Preferred (guar.)
75c. Jan. 3 Holders of rec.
15a
Amer. Brake Shoe & Fdy., com.(quar.)_ $1.50 Dec. 3 Holders of roe. Dec.
Dec. 29a
Preferred (guar.)
1% Dec. 3 Holders of rec. Dec. 290
Amer.Brown Dover'Elec.Corp., pf.(qu.) 1% Jan. I Holders of rec.
Dec. 22a
Participating stock
50o. Jan. 20 Holders of rec. Jan. 10a
American Can, preferred (guar.)
1% Jan. 3 Holders of rec. Dec. 16a
American Car & Foundry, corn.(quar.)_ $1.50 Jan.
Holders of rec. Dec. 15a
Preferred (guar.)
151 Jan.
Holders of rec. Dee. 15a
Amer. Cellulose dr Chemical Mfg.
First participating preferred
399 Dec. 3 Holders of rec. Dec. 170
American Chain, class A (guar.)
500. Dec. 3 Dec. 22 to Jan. 2
American Chicle, com.(quar.)
750. Jan. 1 Holders of rec. Dec. 150
6% preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 150
Prior pref.(quar.)
134 Jan. 1 Holders of
Dee. 15a
American Cigar. corn.(pay.in com.stk.) af331, Dec. 31 *Holders of rec.
rec. Dec. 27
Preferred (guar.)
159 Jan. 3 Holders of rec. Dec. 15
Amer. Cyanamid. common (guar.)
1
Jan. 3 Holders of rec. Dec. 15
Common (extra)
39 Jan. 3 Holders of rec. Dec. 15
Common A & B (guar.)
20o. Jan. 3 Holders of rec. Dec. 15
Common A & B (extra)
100. Jan. 3 Holders of rec. Dec. 15
Preferred (quar.)
199 Jan. 3 Holders of rec. Dec. 15
American Express (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 176
American Hardware Corp.(guar.)
$1 Jan. 1 Holders of rec. Dec. 16a
Amer. Home Products 'monthly)
200. Jan. 3 Holders of
Amer.-La France Fire Engine. com.(qu.) 25o. Feb. 15 Holders of rec. Dec. 15a
rec. Feb. la
Preferred (quar.)
1% Jan. 3 Holders of rec. Doe. 15a
Amer. Laundry Machinery, com.(qu.)_ $1
Mar. 1 Holders of rec. Feb. 21
American Linseed. preferred (guar.).- 1 191 Jan. 3 Holders of rec.
Dec. 17a
Preferred (guar.)
194 Apr. 1 Holde-s of rec. Mar. 18
Amer. Locomotive, common (quar.)
Dec. 31 Holders of rec. Dec. 134
$2
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 130
AlneriCal2 Mfg., common (quar.)
134 Dec. 31 Holden, of roe. Dec. 17
Preferred (guar.)
131 Dec. 31 Holders of reo. Dec. 17
American Meter (extra)
*53
Jan. 4 *Holders of rec. Dec. 20
American Piano, common (guar.)
299 Jan. 2 Holders of
Common (payable in common stock)_ _ 1'294 Jan. 2 Holders of roe. Dec. 15
rec. Dec. 15
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. lba
Amer. Pneumatic Serv., 2d Prof. (qu.).,.. 750. Dec. 31 Holders
of rec. Dec. 210
Amer. Radiator. CO1110300 (quar.)
$1.25 Dec. 31 Holders of rec. Dec. lba
American Railway Express (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 15a
Amer. Bolling Mill, com. (guar.)
50c. Jan. lb Holders of rec. Dec. 3I0
Preferred (guar.)
194 Jan. I Holders of rec. Dec. 15a
American Safety Razor (guar.)
75o Jan.
Holders of rec. Dec. 100
Stock dividend
(g) Jan
Holders of rec. Dec. 10a
American Sales Book, corn.(quar.)
Jan.
*31
*Holders of rec. Dec. 17
American Seating, common (guar.)._ 750, Jan.
Holders of rec. Dec. 20
Common (extra)
25e. Jan.
Holders of rec. Dec. 20
Common (extra)
250. Apr.
Holders of rec. Mar. 20
Common (extra)
25c. July I Holders of rec. June 20
Common (extra)
250. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
750. Jan. 1 Holders of rec. Dee. 20
Amer. Shipbuilding, com.(guar.)
2
Feb. 1 Holders of rec. Jan. 156
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 15a
American Snuff, com.(guar.)
3
Jan. 3 Holders of rec. Dee. 10a
Preferred (guar.)
159 Jan
3
American Steel Foundries. corn.(guar.) 750. Jan. 15 Holders of rec. Dec. 10a
Holders of rec. Jan. 3a
Preferred (guar.)
1% Dec. 31 Holders of rec. Dee. lba
American Stores (guar.)
50e. Jan
Doe. 17 to Jan. 1
1
Amer. Sugar Refining. corn. (quar.)__
134 Jan. 3 Holders of rec. Dec. la
Preferred (guar.)
34 Jan, 3 Holders of rec. Dee. la
American Thread, preferred
1294e. Jan. 1 Holders of rec. Nov. 300
American Tobacco. pref. (quar.)
199 Jan. 3 Holders of rec. Dec. 100
Amer. Type Founders, com.(quar.)__ _ 2
Jan. 15 Holders of rec. Jan. Sc
Preferred (quay.)
1% Jan. 15 Holders of rec. Jan. ba
American Vitrified Products, corn. (qu.) 51
Jan. 15 Holders of rec. Jan. 5
Amer. Wholesale. Prof.(guar.)
194 Jan. 1 Holders of rec. Dec. 200
Amer. Wind. Glass Mach.,com.(qu.)
1)9 Jan. 3 Holders of rec. Dec. 20a
Preferred (quar.)
191 Jan 3 Holders of rec. Dec. 204
American Woolen, pref. (guar.)
194 Jan. 16 Dec. 16 to Dec. 22
Amoskeag Mfg., pref
$2.25 Jan
3 Holders of rec. Dec. 20
Angio-Arner. Oil(interim)
Jan. 4 Holders of coup. No.33
734
Archer-Daniels-Midland Co.
Common (guar.)(No. 1)
750. Feb. 1 Holders of rec. Jan. 21a
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 21a
Armour & Co. of 111.. pref. (quar.)
1 ge Jan. 1 Holders of rec. Dec. 10a
Armour & Co. of Del., pref.(quar.).. 191 Jan. I Holders of rec. Dec. 100
Armstrong Cork,common (guar.)
$1% Jan. 2 Holders of rec. Dee. 17
Common (payable In common stock)_. ff,
Jan. IS Holders of rec. Dec 17
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 17
Artloom Corp.. common (guar.)
750. Jan 8 Holders of rec. Dec. 160
Art Metal Construction (extra)
50c. Jan. 10 Holders of rec. Jan. 30
Asbestos CorporationPreferred (guar.)
134 Jan. 15 Holders of rec. Dee. 31
Associated 011 (guar.)
50e. Dec. 24 Holders of rec. Dec. 66
Extra
40e. Jan. 25 Holders of rec. Dec. 6a
Atlantis Ice (It Coal preferred
391 Jan
1
Atlas Plywood (quar.)
$1
Jan. 15 Holders of rec. Jan. 1
Atlas Portland Cement (extra)
$1
Atlas Pewder, common (extra)
$1
Jan. 10 Holders of rec. Nov.306
Auburn Automobile,com.(guar.)
$1
Jan. 3 Holders of rec. Dec. 21
Autosales Corporation, prig
$3
Dec. 24 Holders of rec. Dec. 15a
Babcock & Wilcox (guar.)
Jan. 2 Holders of rec. Dec. 20o
Quarterly
Apr.
1 Holders of rec. Mar.20
Balaban di Katz. common (monthly)
250. Jan. 1 Holders of rem Dec. 2,t)
Preferred (guar.)
194 Jan. 1 Holders of rec. Dec. 20
Baldwin Locomotive, common & pref
3% Jan. 1 Holders of rec. Dec. 4a
Bancitaly Corporation (quar.)
56c. Dec. 31 Dec. 16 to Jan. 1
Bankers Holding Trust, Prof
$3
Barnhardt Bros. & SpindlerFirst and second preferred (guar.).- _ _
154 Feb. 1 Holders of rec. Jan. 24a
Barnsdall Corp.. class A & B (quar.)_ 60c.
Jan. 3 Holders of rec. Dee. 15a
Ilayuk Cigars, first Prof. (guar.)
"151 Jan. 15 *Holders of rec. Dec. 31
Convertible second pref. (guar.)
151 Jan, 15 Holders of rec. Dec. 31a
Second preferred (guar.)
2
Jan. 15 Holders of rec. Dec. 3Ia
Beech-Nut Packing. com.(guar.)
600. Jan, 10 Holders of rec. Dec. 29a
Preferred (quar.)
194 Jan. 15 Holders of rec. Dee. 31a
Belding Heminway Co., com.(qu.)
75o, Jan. 1 Holders of rec. Dec. 20a
Belgo Canadian Paper, common (guar.)
154 Jan. 10 Holders of rec. Dec. 31
Preferred (guar.)
191 Jan, 2 Holders of rec. Doe. 4
Bendix Corporation, class A (quar.)...._. 60o. Jan. 3 Holders of rec.
Dec. 15
Bessemer Limestone & Cern., com.(qu.) 61.50 Dec. 31 Holders of rec. Dec.
3a
Common (extra)
$4
Dec. 31 Holders of rec. Dec. Sc
Preferred (guar.)
134 Dec 31 Holders of rec. Dec. 200
Bethlehem Steel, pref. (guar.)
134 Jan. 3 Holders of rec. Dec. 3a
Bingham Mines
$1
Jan. 5 Holders of rec. Dec. 20a
Blaw-Knox Co., com.(extra)
$1.25 Dec 24 Holders of rec. Dec. 13
Borg & Beck (guar.)
$1
Jan. 1 Holders of rec. Doe. 18
Boston Wharf
83
Dec. 31 Holders of rec. Dec. 1 a
Boyd-Welsh Shoe, common (quar.)
750, Jan. 2 Holders of rec. Dec. 24
Bridgeman Co. (guar.)
1% Jan, 1 Holders of rec. Dec. 15
Bridgeport Machine. pref. (quar.)
1% Jan. 1 Holders of rec. Dec. 20
Brill° Mfg., prof., class A (guar.)
500. Jan. 2 Holders of roe. Doe. 15a
British-American 011 (guar.)
6299c Jan. 2 Doe. 15 to Dec. 31
liOillie
50o Jan. 2 Dee. 15 to Dec. 31
British-American Tobacco, ordinary _ _ _ (Ca) Jan. 17
See note (cc)
Ordinary (interim)
(aa) Jan, 17
Bee note (cc)
n i• I ,
It
corn
50e. Jan. 15 Holders of rec. Dec.d31
hr wn & ‘Villiainson Tobacco, com.(qu.) 134 Jan. 1 Holders of rec. Dec. 18
Preferred (guar.)
131 Jan. 1 Holders of rec. Dec. 18
Brunt:ay.-Balite c al. Co., pref. (qu.) _ _
Jan. 1 Holders of rec. Dec. 20
Buckeye Incubator, common (guar.)
75e. Jan. 1 Holders of rec. Dec. 20
134
191
Name of Company.
3287
Per
When
Cent, Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Bucyrus Company,common (quar.)-___
134 Jan. 3 Holders of ree. Dec. 20
Common (extra)
134 Jan. 3 Holders of rec. Dec. 20
Preferred (gear.)
1.34 Jan, 3 Holders of rec. Dec. 20
Burns Bros., pref.(guar.)
154 Jan, 3 Holders of roe. Dee. 154
Burroughs Adding Machine. corn.(guar.) 750. Dec. 31 Holders of ree. Dee. 15.
Bush Terminal, preferred
Jan, 15 Holders of rec. Dec. 314
3
Debenture preferred (guar.)
13.4 Jan. 15 Holders of rec. Dec. 316
Bush Terminal Bldgs., pref. (quar.)_
134 Jan. 3 Holders of reet. Dee. 170
Butler (James) Grocery Co.. pref. (ann.) 6
Jan. 3 Holders of roe. Nov. la
Butte Copper & Zinc
500. Doe. 24 Holders of rec. Dee. 9a
Butte & Superior Mining (guar.)
50o. Dec. 31 Holders of rec. Dec. 15a
By-Products Coke, pref. (quar.)
23.1 Jan. 3 Holders of rec. Dec. 20
Calumet & Arizona Mining (guar.)
$1.50 Dec. 20 Holders of rec. Dec. 36
Canada Bread, pref. & pref. B (quar.)_ •1% Jan. I *Holders of rec. Dec. 15
Canada Dry Ginger Ale, stock div.(qu.) el h Jan. 15 Holders of rec. Jan. la
Canada Iron Foundries, pre:
4
Jan. 15 Holders of rec. Dec. 31
Canadian Canners, Ltd., pref. (quar.)
1
Jan, 2 Holders of rec. Dec. 18
Canadian Car & Foundry. prof.(guar.). 1,4 Jan. 10 Holders of rec. Dec. 27
Canadian Connecticut Cot. MillPreferred (quar.)
1
Jan, 3 Holders of rec. Dec. lb
1 Canadian Cottons, corn.(quar.)
2
Jan, 4 Holders of rec. Dec. 24
Preferred (quar.)
134 Jan. 4 Holders of rec. Dec. 24
Canadian General Electric. oref. (quar.) 154 Jan. 1 Holders of rec. Dec. 156
Canadian Locomotive, pref. (quar.)
194 Jan. 1 Holders of rec. Dec. 20
Canadian Salt (quar.)
2
Jan. I Holders of rec. Dec. 24
Canfield Oil,common (quar.)
13.4 Deo, 31 Dec. 21 to Jan. 4
Preferred (qua?.)
194 Dec. 31 Dec. 21 to Jan. 4
Canton Company
3
Dec. 31 Holders of rec. Dec. 276
Extra
1
Dec. 31 Holders of rec. Dec. 270
Case(J. I.) Threshing Mach.. pref.(qu.)
194 Jan. 1 Holders of rev. Dec. 136
Casey-Hedges Co.. pref. (qua?.)
1% Jan, 1
Cellotex Company, common (quar.)
75c. Dec 30 Holders of rec. Dec. 15
Preferred (quar.)
191 Dec. 30 Holders of rec. Dec. 15
Cellulose Products. pref. (quar.)
6239c Jan, 15 Holders of rec. Jan. 3
Central Aguirre Sugar(quar.)
51.50 Jan. 3 Holders of rec. Dec. 20
Central Alloy Steel, common (quar.)
50c. Jan. 10 Holders of roe. Doe. 246
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 156
Certain-teed Products Corp., com.(qu.) 51
Jan. 1 Holders of roe. Dec. 156
First and second preferred (quar.)__
13.4 Jan. 1 Holders of roe. Doe, 15
Chandler-Cleveland Motor. pref.((BO- - 6234c Jan. 2 Holders of roe. Dec. 206
Channon (H.) Co., 1st pref.(quar.)-*194 Jan. 3 *Holders of rec. Dec. 20
2d prof.(acct. accum. dividends)
*4
Jan. 3 *Holders of rec. Dec. 20
Chesebrough Manufacturing (quar.)-750, Dec. 28 Holders of rec. Deo. 106
Extra
250. Dec. 28 Holders of rec. Dec. 106
Special extra
500, Dee. 28 Holders of reo. Dec. 106
Chicago Fuse Manufacturing (quar.)62590 Jan. 1 Holders of rec. Dec. 156
Chi.Jct. Rys.& Un.Stk.Yds.,corn.(qu.) 234 Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
134 Jan. 1 Holders of rec. Dec. 15
Chicago MIII & Lumber. pref.(quar.) - 194 Jan. 1 Holders of rec. Dec. 22
Chicago Motor Coach, pref. 0:mm.1...- •191 Jan. 1 *Holders of roe. Dec. 18
Chicago Yellow Cab Co.(monthly)
33 1-3c Jan. 1 Holders of roe. Dec. 200
Monthly
33 1-3c Feb. I Holders of rem Jan. 200
Monthly
331-30 Mar. I Holders of rec. Feb. 186
Chill Copper Co.(qual.)
6299c Doe. 27 Holders of roe, Dec. I a
Chrysler Company,com.(guar.)
750 Jan, 3 Holders of rec. Dec. 15a
Preferred
Jan. 3 Holders of reo. Dec. 15.
$2
Cities Service, common (monthly)
34 Jan. 1 Holders of roe. Dec. 15.
Common (monthly)
39 Feb. 1 Holders of reg. Jan. 15a
Common (payable in common stock)_ .09 Jan. 1 Holders of roe. Doe. 15.
.Common (payable in common stock).._
154 Feb. 1 Holders of rec. Jan. 15a
Preferred and preferred B (monthly)
94 Jan. 1 Holders of reo. Dec. 156
Preferred and preferred B (monthly)
ti Feb. 1 Holders of rec. Jan. 15a
City Housing Corporation
3
Jan, 1 Holders of rec. Dec. 3Ia
City Ice & Fuel (quar.)
50o. Mar. 1 Holders of rec. Feb. 10a
Quarterly
50e. June 1 Holders of rec. May 100
Quarterly
50c. Sept. 1 Holders of rec. Aug. 100
Quarterly
50e. Dec. 1 Holders of rec. Nov. 106
City Investing, coin. (quar.)
234 Jan, 3 Holders of rec. Dec. 22a
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 22
Cleveland Stone (quar.)
50c. May. 15 Holders of rec. Mar. 5a
Quarterly
500. June 15 Holders of rec June 5a
Quarterly
500. Sept. 15 Holders of rec. Sept. 5a
Cluett, Peabody & CO.. prof.(guar.).--134 Jan. 3 Holders of rec. Dec. 21a
Coca-Cola Co.(guar.)
$1.75 Jan, 1 Holders of rec. Dec. 15
Coca-Cola International (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 124
Colt's Patent Fire Arms Mfg.(qua?.)_ 50o. Dec. 81 Holders of rec. Dec. Ila
Commercial Credit, com. (quar.)
250. Doe. 31 Holders of rec. Dec. 10
634% preferred (quar.)
1% Dec. 31 Holders of rec. Dee. 10
8% preferred, class B
50o. Dec. 31 Holders of rec. Dec. 10
Seven per cent preferred (quar.)
4391c Dec. 31 Holders of rec. Dec. 10
Commercial Investment Trust,com.(qu.) 90c. Jan. 1 Holders of rec. Dec. 15a
7% first preferred (quay.)
154 Jan. 1 Holders of rec. Dec. 15a
634% first preferred (quar.)
194 Jan. 1 Holders of rec. Dec. 16.
Commercial Solvents Corp.. class B(qu.) 52
Jan. 1 Holders of roe. Dec. 206
Congress Cigar (guar.)
750. Jan. 1 Holders of rec. Dec. 15a
Consolidated Cigar Corp., coin.(Quar.)- $1.75 Jan. 8 Holders of rec. Dec. 150
Consolidated Lead & Zino (guar.)
1234e. Jan. 1 Doe. 16 to Jan. 1
Consol. Min.& Smelt. Co., Ltd.,of Can. $1.25 Jan.d15 Holders of rec. Dec. 316
Bonus
$5
Jan.dlS Holders of rec. Dec. 31a
Consolidation Coal, pref
81% Jan. 10 Holders of rec. Dec. 206
Continental Baking, com., class A (qu.)_ $2
Jan. d3 Holders of rec. Dee. 20a
Preferred (guar.)
2
Jan. d3 Holders of rec. Dec. 200
Continental Can, Inc., pref. (quar.)---- 131 Jan. 3 Holders of rec. Dec.
200
Continental Motors Corp.(guar.)
200. Jan, 31 Holders of rec. Jan. 15a
Coty,Inc.(guar.)
$l
Dec. 31 Holders of roe. Dec. 200
Extra
$1
Dec. 31 Holders of rec. Dec. 206
Credit Discount Corp. of Am.,com.(qu.). 51
Jan, 20 Holders of rec. Jan. 3
Preferred (guar.)
52
Jan, 3 Holders of rec.
Cresson Con. Gold MM.& Mill.(qu.)_ _ 10e, Jan, 10 Holders of rec. Dec. 20
Dec. 31
Crown Finance Corp., common
$4
Jan. 4 Holders of rec. Dec. 15a
Preferred (guar.)
$1.75 Jan. 4 Holders of rec. Dec. 150
Crown Willamette Parer, pref.(guar.).
134 Jan. 6 Holders of rec. Dec. Ita
Crucible Steel, com.(guar.)
134 Jan, 31 Holders of rec. Jan. 150
Preferred ((Var.)
191 Dec. 31 Holders of rec. Dec. I5a
Cuba Company, preferred
*339 Feb. I *Holders of rec. Jan. 15
Cuban-American Sugar, corn.(quar,).
25c. Jan. 3 Holders of rec. Dec. 7a
Profirred (guar.)
134 Jan. 3 Holders of ree. Dec. 76
Cuban Tobacco, preferred
254 Dec. 31 Holders of rec. Dee. 15
Curlee Clothing. Preferred (guar.)
191 Jan. 2 Holders of rec. Dec. 20
Davega, Inc. (guar.)
25e. Feb. 1 Holders of rec. Jan. 15
Extra
25e, Feb. 1 Holders of rec. Jan. 15
Davis Coal & Coke
$3
Jan. 15 Holders of rec. Dec. 31
Detroit & Cleveland Navigation (guar.). $1
Jan. 3 Holders of rec. Dec. 154
Devoe & Reynolds, class A & B (guar.__ 600. Jan. 1 Holders
of rec. Dec. 2I0
First & second preferred (guar.)
$1.76 Jan. 1 Holders of rec. Dec. 210
Dodge Brothers, Inc., pref.(guar.)
$1.75 Jan. 15 Holders of rec. Dec. 27a
Dome Mines(guar.)
50c, Ian, 20 Holders of rec. Dec. 3I0
Dominion Bridge (bonus)
2
Jan, 3 Holders of rec. Dec. 17
Dominion Glass.common it pref.(qU.)-- 134 Jan. 3 Holders
of rec. Dec. 15
Dominion Rubber, preferred (guar.) _ _
13-4 Dec. 31 Holders of rec. Dec. 17
Dominion Stores, common (quar.)
60c. Jan, 1 Holders of rec. Dec. 13a
Dominion Textile, corn.(guar.)
$1.25 Jan. 3 Holders of roe Dec. 15
Preferred (guar.)
194 Jan, 15 Holders of ree. Dec. 31
Douglas(W. L.) Shoe. Prof. (quer.)_ _
131 Jan. 1 Holders of rec. Dec. 15
Douglas-Pectin Corporation (quar.),.
50o. Dec. 31 Holders of ree. Dec. la
Extra
50o. Dec. 31 Holders of rec. Dec. la
Draper Corp., new no par stock (No. 1). $1
Jan. I Holders of reo. Nov. 27
Extra
1234 Jan. 15 Holders of rec. Aug. 28
Dunham (James H.)& Co.,com.(qua?.). $1.50 Jan. I Holders. of ree.
Dec. 18a
First preferred (quar.)
154 Jan, 1 Holders of rec. Dec. 18a
Second preferred (guar.)
191 Jan, 1 Holders of rec. Dec. 180
Du Pont(E.1.)de Nom.& Co.,com (extra) 35
Jan. 5 Holdero of rec. Dec. la
Debenture stock (quar.)
199 Jan. 25 Holders of rec. Jan. 106
Eagle it Blue Bell Mining
Sc, Dec. 30 Holders of rec. Dec. 20a
Eastern Rolling Mill (guar.)
3739c. Jan. 1 Dec. 16 to Jan. 1
Extra
1259c. Jan. 1 Dec. 16 to Jan. 1
Eastern SS. Lines, 1st pref.(guar.)
13.4 Jan, 3 Holders oflrec. Dec. 24a
No par preferred (guar.)
8794c Jan, 15 Holders °firm. Jan. 6a
Eastern Theatres, Ltd.(Toronto), pre:
334 Jan. 31 Holders of,ree. Dec. 31
Economy Grocery Stores (quar.)
25e. Jan, 15 Jan. 1
to Jan. 15
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
31.25 Jan. 3 Holders of recs. Nov.30a
Eastman Kodak,common (guar.)
75c. Jan. 3 Holders of rec. Nov.300
Common (extra)
1)4 Jan. 3 Holders of rec. Nov. 300
Preferred (guar.)
Eisenlohr (Otto) at Bro.. pref.(quar.). 1% Jan. 1 Holders'of roe. Dec. 210
$1.50 Jan. 1 Holders of rec. Dee. 150
Electric Auto-Lite (guar.)
Electric Controller & Mfg., corn.(qu.)_ _ $1.25 Jan. 1 Holders of rec. Dec. 20
Electric Storage Battery. coin & p1.(qu.) 51.25 Jan. 3 Holders of rm. Dec. 60
1% Dec. 31 Dec. 21 to Jan. 2
Electric Vacuum Cleaner. pref.(ouar.)_ _
1% Jan. 1 Holders of rec. Dec. 20
Emerson Electric & Mfg., pref. (guar.) _
156 Dec. 3 Holders of rec. Dee. 230
Empire Safe Deposit(guar.)
Holders of roe. Dec. 18
$1.25 Jan.
Endicott-Johnson Corp., corn. (guar.)
Holders of roe. Dec. 18
1% Jan.
Preferred (guar.)
Holders of roe. Dec. 15
Equitable Office Bldg. Corp.. corn.(q.) $1.50 Jan.
Holders of tee. Dee. 150
I% Jan.
Preferred (guar.)
of tee. Dec. 18
*Holders
Jan.
0714c.
'
Erupcion Mining (guar.)
'Holders of rec. Dec. 18
"2A c. Jan.
Extra
50e. Jan. • Holders of rec. Dec. 23
Estey-Welte Co., class A (quar.)
Holders of rec. Dee. 20
Evans(E.S.) Corp., class A & B (qu.) _ _ 750. Jan.
750. Um 8 Holders of tee. Dec. 15a
Falrbanks-Morse & Co.. corn. (guar.)...
Holders of rec. Dec. 200
I
Jan.
20e,
common
(monthly)
(The).
Fair
20c. Feb. 1 Holders of rec. Jan. 20a
Common (monthly)
131 Feb. 1 Holders of rec. Jan. 200
Preferred (guar.)
Jan. 3 Holders of rec. Dec. 15o
Famous Players-Lasky Corp.,corn.(qu.) $2
Feb. 1 Holders of rec. Jan. I5a
2
Preferred (quar.)
Fanny Farmer Candy Shope, pref.(go.). 600. Jan. 3 Holders of rec. Dec. 15
50c. Jan. 2 Holders of rec. Dec. 15
Faultless Rubber, common (guar.)
1% Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
20c. Jan. 2 Holders of rue. Dec. 18a
Federal Motor Truck (guar.)
e214 Jan.'5 Holders of roe. Dee. 18a
Stock dividend
Feltman & Curme Shoe St., A corn.(qu.) 62iic Jan. 3 Holders of rec. Dec. 1
40
Jan. 18 Holders of rec Jan
ric
Fifth Avenue Bus Securities (guar.) _ _ _
Financial Invest. Co.of N.Y., Ltd.(qu.) 25c. Jan. 1 Holders of tee. Nov. 30
10a
Jan.
roe.
of
Holders
20
Jan.
$1.50
_
_
(guar.)
corn.
Rubber,
&
Tire
Firestone
Jan. 3 Holders of rec. Dec. 20a
31
Common (extra)
154 Jan. 15 Holders of roe. Jan. 1
Six per cent preferred (guar.)
Feb. 15 Holders of roe. Feb. la
1%
Seven per cent preferred (guar.)
Jan. 1 Holders of rec. Dec. lba
First National Pictures. preferred (quar.) 2
37Si c Jan. 3 Holders of roe. Dec. 18a
First National Stores, corn.(guar.)
i)4 Jan. 3 Holders of rec. Dec. IS
First preferred (guar.)
50c. Jan. 3 Holders of rec. Dec. 150
Flelschmann Co.(guar.)
Jan. 8 Holders of rec. Dec. 150
260.
Extra
•154 Jan. 3 'Holders of rec. Dec. 14
Flint Mills (guar.)
Dee. 31 Holders of rue. Dec. 15
$2
Flour Mills of America. pref. A (qua?.)
Foote Bros. Gear & Mach., corn. (qu.).... 260. Jan. 1 Dec. 21 to Due. 31
1% Jan. 1 Dec. 21 to Dec. 31
Preferred (guar.)
Dec. 31 *Holders of rec. Dec. 27
*5
Fordson Development Co.(No. 1)
250. Jan. 2 Holders of roe. Dee. 150
Forhan Company,common (guar.)
400. Jan. 2 Holders of rec. Dec. 15a
Class A (guar.)
Jan. 15 Holders of rec. Dec. 30a
Fox Film Corp., common A & B (guar.)... $1
500. Feb. 1 Jan. 16 to Feb. 1
Freeport Texas Co.(quar.)
Gabriel Snubber, corn. A and B (guar.)_ 8730 Jan. 1 Holder* of tee. Doe. 15a
Dec. 27
Dec. 27 Dec. 8 to
4
Garfield Safe Deposit Co
Dec.27 Dec. 8 to Dec. 27
2
Extra
Dec. 15-i
tee.
of
Holders
1
Jan.
common
$1.50
Car.,
Tank
Amer.
General
1% Jan. 1 Holders of roe. Dec. lba
Preferred (guar.)
31.25 Jan. 1 Holders of rec. Dec. 16
General Baking, class A (guar.)
$2 Dec 31 Holders of roe. Dec. 180
Preferred (guar.)
1% Jan. 3 Holders of rec. Dec. 230
General Cigar, debenture pref.(guar.)
75e. Jan. 28 Holders of tee. Dee. 150
General Electric, corn. (guar.)
15c. Jan. 28 Holders of roe. Doe. 16a
Special stock (guar.)
Jan. 4 Holders of recs. Nov.205
General Motors Corp., corn. (extra)._... $4
1)4 Feb. 1 Holders of tee. Jan. 100
Preferred (qua?.)
134 Feb. 1 Holders of rec. Jan. 10a
Six per cent debenture stock (guar.)
Seven per cent debenture stock (guar.) 1% Feb. 1 Holders of tee. Jan. 104
e25
Dec. 31 Holders of rec. Dec 20a
General Necessities Corp. (stock dlv.)
Jan. 1 Holders of reo. Dee. 10a
General Railway Signal, corn.(guar.)._ _ $1
25c. Jan. 1 Holders of rec. Dee. 10a
Common (extra)
134 Jan. I Holders of rec. Dee. 10a
Preferred (quar.)
1% Jan. 1 Holders of rec. Dec. 20
General Tire & Rubber, pref.(guar.)
20c. Jan. 3 Holders of rec. Dec. 18
Ginter Company, preferred (guar.)
C. G.Spring & BumperCommon (In corn. stk. on each 10 she.) /3-10 Feb. 15 Holders of rec. Feb. 8a
Jan. 1 Holders of roe. Dec. 24
2
Preferred (guar.)
50c. Jun. 3 Holders of rec. Dec. 16a
Glidden Company, common (guar.)
(34 Jan. 3 Holders of rec. Dec. 16a
Prior preferred (guar.)
$1.50 Jan. 1 Holders of roe. Dec. 20
Globe-Wernicke Co.. common
1% Jan. 3 Holders of rm. Dec. 15a
Goodrich (B. F.) Co., pref. (quar.)1% Jan. 2 Holders of rec. Dec. 15
(qu.)
pref.
Can..
Goodyear Tire & Rub.,
Jan. 1 Holders of rec. Dec. lba
Goodyear Tire & Rubber.prior Pref.(qu.) 2
136 Jan. 1 Holders of rec. Dec. 1
Preferred (quar.)
3 Holders of rec. Dec. 20
Jan.
I-3c
33
(Ileibi.9)
Gossard (H. W.)& Co..00M.
6214c. Dec. 31 Holders of rec. Dec. 15
Gotham Silk Hosiery, coin.(guar.)
2
Jan.
Holders of rec. Dec. 20
2
(guar.)
coin.
Inc.,
Pumps.
Goulds
Jan. 2 Holders of rec. Dec. 20
2
Common (special extra)
1% Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
Doc. 31 Holders of rec. Dec. 15
2
Grasselli Chemical, common (guar.)134 Dec. 31 Holders of rec. Dec. lb
Preferred (guar.)
Great Lakes Towing, common (guar.).- 134 Dec. 31 Holders of rec. Dec. lba
1% Jan. 1 Holders of rec. Dee. 16a
Preferred (guar.)
The. Dee. 28 Holders of rec. Dee. 6a
Great Northern Iron Ore Properties
Jan. 2 Holders of tee. Dee. lba
$2
(guar.)
corn.
Sugar,
Great Western
1% Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
16
Greenfield Tap & Die,6% Pref.(quar.). 114 Jan. 3 Holders fo reo. Dec.
Jai,. 3 Holders of rec. Dee. 15
2
8% preferred (guar.)
800. Jan. 1 Holders of tee. Dee. 15
Greif Bros., class Acorn.(guar.)
250. Jan. 3 Holders of rec. Dee. 15a
Grennan Bakeries. common (quar.)-1% Jan. 3 Holders of rec. Dec. 15s
Preferred (guar.)
$7.50 Jan. 25 Holders of rec. Dec. 27
Group No. 1 011 Corp
Jan. 3 Holders of rec. Due lba
2
Guantanamo Sugar. preferred (quar.)-.
3734c Jan. 1 Holders of rue. Dec. 20
Gulf 011 Corp.(guar.)
Jan. 3 Holders of roe. Dee. 150
1)e
common
(guar.)
Gulf States Steel.
1% Jan. 2 Holders of tee. Dee. lba
Preferred (guar.)
1% Jan. 1 Holders of rem Dec. 200
Hammermill Paper, preferred (guar.)_
Jan. 1 Holders of tee. Dec. 18
Hanes (P. H.) Knitting. Pref.(qua?.). 1%
250. Jan. 15 Holders of reo. Dec. 30
Happiness Candy Stores. lac
Jan. 20 Holders of rec. Jan. 105
13.4
(guar.)
pref.
rec..
Ref
Harbison-Walker
Jan. 1 Holders of tee. Dee. lba
Harris Automatic Press. corn.(quar.)--- The.
31.75 Jan. 1 Holders of rec. Dec. 260
Preferred (guar.)
Mar127 Holders of rec.Feb.16 27a
50c.
(qua?.)..
Hartman Corporation, clam A
50c. J'nel'27 Holders of rec. May 170
Class A (guar.)
127 Holders of roe. Feb15'275
Mar
(o)
stock
A
class
In
(guar.)
Class B
(o) J'nel'27 Hold, of roe. May 17270
Class B (guar.) In class A stock
Jan. 15 Holders of rec. Dec. 31
Hathaway Baking, Inc. pf. class A (qu.) 2
100. Jan''27 Holders of tee. Dee. 210
Hayes Ionla Co.(monthly)
100. FebV27 Holden of reo. Jan. 26a
Monthly
10c. Marl'27 Holders of roe. Feb. 266
Monthly
Dec. 31 Holders of rec. Dec. 26
1%
Heath (D. C.) & Co., ref.(guar.)
Jan. 3 Holders of rec. Dec. 13a
Helme (George W.) Go.. corn, (quar.)-- 750. Jan. 3 Holders of rec. Dee. 130
$4
(extra)
Common
1% Jan. 3 Holders of rem Dec. 13a
Preferred (guar.)
$3.50 Jan. 1 Holders of roe. Doe. 20
Hexter-Diehl Bakeries Corp., pref
350. Dec. 81 Holders of tee. Dee. 26
Co.(Intlill)
Hibbard. Spencer, Bartlett &
200. Dec. 31 Holders of tea. Doe. 24
Extra
1% Jan. 2 Holders of rec. Dec. 27
Hibernia Securities, pref.(guar.)
13-a Jan. 1.5 Holders of rec. Dec. 31
'Merest Collieries, corn. (guar.)
1% Jan. lb Holders of rec. Dec. 31
Preferred (guar.)
Dec. 31 Holders of tee. Dec. 13
2
Mines
Hollinger Consul. Gold
•250. Dec. 31 *Holders of rec. Due. 15
Holly 011(quar.)
136 Jan. 3 Holders of rec. Dec. 29
Holt, Renfrew & Co., pref. (guar.)
of rec. Dec.d29
Preferred (account aceum. dividends) _ h334 Jan. 3 Holders
500. Dec. 27 Holders of rec. Doe. 20
*Homestake Mining (monthly)
21 to Jan. 2
Dec.
31
Dec.
$1
(guar.)
Hood Rubber, corn.
50c. Jan. 3 Holders of rec. Dec. 150
Household Products (extra)
87140. Jan. 3 Holders of rem Doe, 15a
Hudson Motor Car (guar.)
Dec. 31 Holders of tee. Dec. 16
s
pref
Hudson River Navigation.
300. Jan. 1 Dec. 12 to Jan. 2
Humble 011 & Refining (guar.)
Jan. I Dec. 12 to Jan. 2
'20
Extra
tee. Dec. 20
flUssmann (Harry L.) Refr.. corn.(qu.). 6234c. Jan. 2 Holders of
62Sic Jan. 2 Holders of rec. Dec. 20
Extra
roe. Dec. 20
of
Holders
3
Jan.
114
Brick,
pref.(guar.)
Hydraulic Press
[vol.. 123.
THE CHRONICLE
3288
Name of Cornpany.
Per
When
Cent. Payable.
Miscellaneous (Continued).
$1
dJan. 3
Ideal Cement,common (guar.)
31
dJan. 3
Common (extra)
5134 dJan. 3
Preferred (guar.)
60o. Jan. 15
Illinois Brick (guar.)
Extra
40o. Jan15'27
Quarterly
130c. Ap15'27
60o. J1y15'27
Quarterly
60c 0015'27
Quarterly
Imperial Tobac. of Can., ord.(Interim). •134 Dec. 30
25e. Jan. 17
Independent Gil& Gas(guar.).
Jan. 3
Independent Pneumatic Tool (quar.)_ _ El
Jun. 3
Indian Motocycle, pref.(quar.)
134
Feb. 15
31
Indiana Pipe Line
ludustrial Acceptance Corp., corn. (qu.) 500. Jan. 2
134 Jan. 2
First preferred (guar.)
2
Jan. 2
Second preferred (guar.)
5o.s. Jan. 2
Second preferred (extra)
Industrial Finance Corp., deb. stk.(qu.) 15S Feb. I
134 Feb. 1
7% preferred (guar.)
134 Feb. 1
6% preferred (guar.)
Jan. 3
3
Ingersoll-Rand Co.. preferred
1)4 Jan, 1
inland Steel, preferrea (guar.)
Inspiration Consolidated Copper (quar.) 50c. Jan, 3
$1.25 Dec. 31
Interlake Steamship (guar.)
$2 Doe, 31
Extra
International Business Machines (guar.) 75c. Jan. 10
25c. Jan. 10
Extra
Int. Buttonhole Sewing Machine (guar.) 15c. Jan. 3
Dm. 31
International Cement, common (guar.). $1
1% Dee. 31
Preferred (guar.)
134 Jan, 15
International Harvester, corn. (guar.)._
Jan, 25
Common (payable in common stock)_. 14
50c. Dec. 31
International Nickel, corn. (guar.)
International Paper, 8% pref. (guar.).... IA Jan. 1
Seven per cent pref. (guar.)
134 Jan. 1
Internal, Projector Corp., common- _ _ 25c. Jan,
$1.75 Jan.
$7 dividend pref. (guar.)
International Salt (guar.)
134 Jan.
$1.76 Jan.
international Shoe, common (quar.)..
Preferred (mar.)
34 Jan.
134 Deo, 3
International Silver, corn. (guar.)
134 Jan,
Preferred (guar.)
Jan,
Intertype Corporation, first pref.(guar.) 2
Jan.
3
Second preferred
Island Creek Coal, common (quar.)$6 Jan,
Preferred (guar.)
31.50 Jan.
1% Jan.
Jewell Tea, preferred (guar.)
Jan.
Preferred (account &mum. dividend). 59
Jones & Laughlin Steel, pref.(guar.)
134 Jan.
Jordan Motor Car, pref. (guar.)
134 Deo, 3
Jan, 2
Kaufman Dept. Stores, common (qoar.). 52
134 Jan.
Preferred (quar.)
50c. Jan.
Kaynee Company,corn.(guar.)
156 Jaa.
Preferred (guar.)
Jan.
Kayser (Julius) & Co., pref.(quar.)..
$2
134 Jan.
Kelsey Wheel. common (guar.)
21.25 Jan,
Kennecott Copper Corp.((mar.)
Jan.
1
Keystone Watch Case (mar.)
King Philip Mills (guar.)
134 Jan.
Jan.
Kinney (G. R.) Co.. common (guar.).-- $1
Kirshbaum (A. B.) Co.. pref.(guar.).-- 131 Jan.
Knox Hat, prior preferred (guar.)
$1.75 Jan.
Kraft Oneette (Quar.)
373.y, an. 3
Stock dividend
el l-4 Jan. 3
Kresge (S. S.) Co., common (quar.)... 30c
Jec. 31
Preferred (quar.)
134 Dec. 31
Kresge Department Store. pref.(ouar.). 2
Jan. 3
Kruskal & Kruskal, Inc.(No. 1) (qua?.) 50e. Feb. 15
Quarterly
50c. May 16
Jan. 2
Kuupenheimer (B.) & Co.. common.... 81
Lambert Company, corn. (guar.)
$1.25 Jan. 3
La Salle Extension Univ., corn.(qu.)_
1.5c. Jan, 2
Preferred (guar.)
134 Jan. 2
Laurentlde Company, Ltd.(quar.)
134 Jan, 3
3)4 Dec. 31
Lawyers Mortgage Co.(quar.)
Lawyers Title & Guaranty Co.(gust.).. 234 Jan. 3
Jan. 3
$2
Lehigh Valley Coal Sales (guar.)
334 Jan. 1
Libby, McNeill & Libby, pref
Jan. 15
$1
Libby-Owens Sheet Glass (extra)
(34 De. 3.
Liberty Baking Corp., pref. (quar.)_ _ _
400. Jan. 1
Life Savers, Inc.(guar.)
Liggett & Myers Tobacco, pref.(quar.)_
134 Jan. 1
Lindsay Light, prof
3)4 Jan. 3
50c. Jan. 27
Lion Oil Refining (guar.)
260. Jan. 27
Extra
90o. Feb. 1
Liquid Carbonic Corp.(mar.)
Jan, 1
Loew's Buffalo Theatres, Inc.. pt.(qu.). 2
50c. Dec. 31
Loew's. Inc. Mar./
Dec. 31
Extra
31
25c. Jan. 15
Loew's London Theatres (Can.), corn
Preferred
314 Jan. 15
Loew's (Marcus) Theatres, Ltd., pref._ 3Si Jan. 15
Long Bell Lumber, class A (guar.)
$1
Dec. 31
Long Island Safe Deposit
4
Jan. 1
Loose-Wiles Biscuit, first pref. (guar.)._
134 Jan, 1
Second preferred (guar.)
154 Feb. 1
Lord & Taylor, common (quar.)
234 Jan. 3
Lorillard (P.), corn. (In corn. stook)._
(u) Jan. 3
1% Jan. 3
Preferred (gean)
Lowenstein (M.)& Sons, 1st pf.(qu.)_._
134 Dec. 30
Ludlum Steel (guar.)
50o. Jan. 1
MacAndrews & Forbes, corn. (quar.)_.. 66e. Jan. 15
Common (extra)
900. Jan. 15
Preferred (guar.)
114 Jan. 15
Mac:Fadden Publications. Inc
4
Feb. 2
(guar.)
corn.
Inc.,
Mack Trucks,
$1.50 Dee. 31
First and second preferred (guar.)
134 Dec. 31
75e. Jan. 15
Mae.. a Copper Co.(guar.)
Mallinson (H. R.)& Co.. Prof.(guar.)._
134 Jan. 1
Manhattan Electrical Supply (gust,)... $1.25 Jan. 3
1% Jan. 1
Manhattan Shirt, pref.(guar.)
134 Jan. 3
Manning, Maxwell & Moore (quar.)
25c. Jan. 10
Margay 011(guar.)
$1
Dee. 31
Marland Oil (guar.)
Marlin-Rockwell Corp., corn.(guar.)... 50o. Doe. 31
50c. Jan. 10
Common (extra)
Jan. 3
Matheson Alkali Works, corn. (quar.)... 51
134 Jan. 3
Preferred (guar.)
May Department Stores. Pref.(gust.).. 131 Jan. 2
50c. Feb. 1
McCall Corporation, corn.(guar.)
McCord Radiator & Mfg., class A (qu.).. 750. Jan, 3
134 Feb. I
McCrory Stores Corp.. pref.(guar.)___ _
1% May 02
Preferred (guar.)
154 Aug. 1
Preferred (guar.)
154 Nov. 1
Preferred (guar.)
2
Jan. 2
Medart(Fred) Mtg., pref.(guar.)
Mere!).& Mfrs. Sec., partic. pref.(ouar.) 6214( Jan. 1
el
Jan. I
Participating preferred (stork div.)
Merch. & Miners Transportation (qu.). 623-4. Dee. 31
3
Jan
$1
Merck & Co., preferred (guar.)
$1.25 Doe. 31
Morgenthaler Linotype (guar.)
250. Dec. 31
Extra
$1.25 Dec. 31
Merrima • Chemical (quar.)
Metropolitan Paving Brick. pref. (guar.) 1% Jan. I
Jan, 20
Mexican Petroleum, common (quar.)__. 3
2
Jan. 20
Preferred (guar.)
Jan. 1
Midland Steel Products, corn. (guar.)._ 51
49o. Jan. 1
Common (extra)
2
Jan. 1
Preferred (guar.)
1
Jan. 1
Preferred (extra)
Books Closed.
Days Inclusive.
Holders of rec. Dec. 16a
Holders of rec. Dec. lba
Holders of rec. Dec. lba
Jan. 5 to Jan. 16
Jan. 5 to Jan. 16
Apr. 5 to Apr. 15
July 3 to July 15
Oct. 6 to Oct. 16
Holders of roe. Dec. 300
Holders of rec. Due. 20
Holders of rec. Dec. 200
Holders of rec. Jan. 21
Holders of rec. Dec. 17
Holders of rec. Dec. 17
Holders of rec. Dec. 17
Holders of rec. Dec. 17
Holders of rec. Jan. 22
Holders of rec. Jan. 22
Holders of rec. Jan. 22
Holders of rec. Dec. 130
Holders of rec. Dec. 156
Holders of rec. Dec. 160
Dec. 17 to Jan. 2
Dec. 17 to Jan. 2
Holders of rec. Dec. 220
Holders of rec. Dec. 220
Holders of rec. Dec. 15
Holders of rec. Dec. 150
Holders of rec. Dm. 156
Holders of rec. Doe. 246
Holders of rec. Dec. 240
Holders of rec. Due. 160
Holders of rec. Jan. 36
Holders of rec. Jan. 3a
Holders of rec. Dec. 21
Holders of rec. Dec. 21
Holders of rem Dec. 150
Holders of rem Dec. lba
Holders of reo. Dec. 15
Holders of rec. Dec. lba
Holders of rec. Dec. 156
Holders of ree. Dee, lba
Holders of rec. Dec. lba
Holders of rec. Dec. 230
Holders of rec. Deo. 230
Holders of rec. Dec, 200
Holders of rem Doe. 20a
Holders of roe. Dec. 150
Holders of rec. Dec. 17
Holders of rec. Jan. 200
Holders of roe. Dee, 20a
Holders cf rec. Due. 15
Holders of rec. Dec. 15
Holders of rec. Dec. 170
Holders of rec. Dec. 2I0
Holders of rec. Dec. 3a
Holders of rec. Dec Mt
Holders of rec. Dec. 200
Holders of rec. Dee. 23a
Holders of roe. Dec. 20
Holden of rec. Dec. 15
Holders of rec. Dec. 100
Holders of rec. Dec 100
Holders of rec. Dec. lba
Holders of rec. Dec. 15a
Holders of rec. Dec. 18a
Holders of reo. Jan. 310
Holders of roe. Apr. 290
Holders of roe. Due. 246
Holders of rec. Dec. 200
Holders of rec. Dec. 21
Holders of rem Dec. 21
Holders of tee. Dec. 17
Holders of rec. Dec. 18
Holders of tee. Dec. 18a
Holders of roe. Dec. 9
Dec. 18 to Jan. 13
Holders of rec. Jan. 5
Holders of rec. Dec. 15
Holders of rec. Dec. 15a
Holders of rec. Dec. 150
Holders of rec. Dec. 10
Holders of too. Dec. 30a
Holders of rec. Dec. 300
Holders of rem Jan 20a
Holders of rec. Dee. 200
Holders of rem Doe. 180
Holders of rem Dee. 1341
Holders of tee. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 31
Holders of rec. Dec. 110
Holders of rec. 1)ec. 24
Holders of rec. Doe. 18a
Holders of rem Jan. 180
Holders of ma. Doe. 170
Holders of tee. Dec. 16
Holden) of rec. Dec. 16
Holders Of roe. Dec. 300
Holders of rec. Doe. 206
Holders of rec. Doe. 314
Holders of rec. Due. 310
Holders of rec. Dec. 31a
Holders of rec. Dec. 31
Holders of rec. Dec. 180
Holders of rec. Dec. 186
Holders of rem Dec. 310
Holders of tea. Dec. 210
Holders of reo. Dee. 210
Holders of reo.Deo. 16a
Holders of rem Doe. 31
Holders of tee. Dec. 20
Holders of roe. Dec. 18a
Holders of rm. Due. 200
Holders of rec. Jan. 30
Holders of rec. Dec. 17u
Holders of rec. Dec. 17a
Holders of rec. Dec. I5a
Holders of rec. Jan. 20a
Dec. Ill to Jan. 2
Holders of rec. Jan. 20a
Holders of roe. Apr. 206
Holders of rec. July 20a
Holders of tee. Oct. 20a
Holders of rem Dec. 22
Holders of rec. Dec. 150
Holders of rue. Dec. 15a
Holders of rec. Deo. lba
Holders of rec. Doe. 1
Holders of roe. Dec. 46
Holders of rec. Doe, 40
Holders of rec. Deo. 11
Dee. 16 to Dee. 31
Holders of rec. Dec. 3Ia
Holders of rec. Doe, 31a
Holders of rec. Doe, 17
Holders of rec. Dee, 17
Holders of reo. Doe, 17a
Holders of MO. Dec. 17a
DEC. 25 1926.]
Name of Company.
'
When
Per
Cent. Payable.
TRE CHRONICLE
Books Closed
Days inclustes
Miscellaneous (Continued,.
Midvale Co
25c. dJan. 1 Holders of rec. Dec. ha
Miller Rubber, common (guar.)
50c. Jan. 25 Holders of re°. Jan. be
Mill Factors Corp. (guar.)
1% Jan. 3 Holders of rec. Dec. 20
Extra
34 Jan. 3 Holders of rec. Doe. 20
Mining Corporation of Canada (interim) 12%c. Jan. 15 Dec. 30 to Jan. 14
Missouri-Illinois Stores, common (guar.) 200. Jan. 2 Holders of rec. Dec. 20
Mitchell (J. S.) & Co., Ltd.. pref.(guar.) 13 Jan. 3 Holders of rec. Dec. 20
Montgomery Ward & Co., pref.(guar.).
Dec. 31 Holders of rec. Dec. 21
Class A (guar.)
$1.75 Jan. 1 Holders of rec. Dec. 2Ia
Morgan Lithograph Co.(guar.)
$1.25 Jan. 3 Holders of rec. Doe. 18a
Mortgage-Bond Co.(guar.)
2
Dec. 31 Holders of rec. Dec. 21
Mother Lode Coalition Mines
3734c Dec. 3 Holders of rec. Dec. 100
Motion Picture Capital Corp., pref.(au.) 50c. Jan. 15 Holders of rec. Jan. 1
Motor Meter, Inc., class A (quar.)
900. Jan,
Holders of rec. Dec. 15a
Mountain Gulf Oil (guar.)
20. Jan. 15 Holders of rec. Jan. 2a
Extra
lc. Jan. 15 Holders of rec. Jan. 20
Mountain Producers(guar.)
600. Jan.
Holders of rec. Dec. 150
Murray Ohio Mfg., preferred (quar.)--- 2
dJan.
Holders of rec. Dec. 20a
National Biscuit, common (guar.)
$I
Jan. 1
Holders of rec. Dec. 31.
National Breweries, com. (guar.)
$1
Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
1/1 Jan. 1 Holders of roe. Dec. 15
National Cash Register, corn., B
Jan, 3 Holders of rec. Dec. 30
$3
Common A
750. Jan. 15 Holders of rec. Dec. 30
National Casket, preferred (guar.)
Dec. 31 Holders of roe. Doe. 15
National Dairy Products,com.(quar.)_ - 750. Jan. 3 Holders of rec. Dec. 21a
Preferred A and B (guar.)
134 Jan. 3 Holders of rec. Dec.rala
Nat. Dept. Stores, 1st pref. (quar.)_
*1/1 Feb. 1 *Holders of rec. Jan. 15
Second preferred (guar.)
•131 Mar. 1 *Holders of rec. Feb. 15
Nat.Enamel.di, Stain ning, pref.(guar.). 134 Dec. 31 Holders of rec. Dec. 15a
• Nat. Fabric & Finishing, pref.
134 Jan. 1 Holders of rec. Dec. 20a
Grocer, preferred
(guar.)Ntionl
Jan. 1 Dec. 21 to Dec. 81
National Lead. common (guar.)
2
Dec. 31 Holders of rec. Dec. 10a
National Licorice, common
234 Jan. 7 Holders of rec. Dec. 24
Common (extra)
• 234 Jan. 7 Holders of rec. Dec. 24
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 24
National Refining, preferred (quar.)---- 2
Jan. 1 Holders of rec. Dec. 15
National Standard Co.(guar.)
62340 Jan. 3 Holders of rec. Dec. 200
Extra
12%c Jan. 3 Holders of rec. Dec. 20a
National Suger Refining (guar.)
Jan. 3 Holders of rec. Dec. 6
National Supply, preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 21a
National Surety (guar.)
234 Jan, 3 Holders of rec. Doe. 170
National Tea, common (guar.)
$1
Jan
Holders of rec. Dec. 15a
Nelson (Herman) Corp.(guar.)
300. Jan. 2 Holders of rec. Dec. 17
Stock dividend
e2
Jan. 2 Holders of rec. Dec. 17
Quarterly
300. Apr.
Holders of rec. Mar. 17
Stock dividend
el
Apr.
Holders of rec. Mar. 17
Quarterly
30e. July
Holders of rec. June 20
Stock dividend
el
July
Holders of rec. June 20
Quarterly
300. Oct.
Holders of roe. Sept. 19
Stock dividend
el
Oct.
Holders of roe. Sept. 19
Nevada Consolidated Copper (quar.)
37% Dec. 3 Holders of rec. Dec. 150
New Bradford 011 (guar.)
1234c. Jan. 15 Holders of rec. Dec. 31a
New England Feel Oil (guar.)
250. Jan. 2 Holders of rec. Dec. 23a
New York Air Brake, common (quar.)
75e. Feb. 1 Holders of rec. Jan. 6a
New York State Realty
6
Jan. 3 Holders of rec. Dec. 27a
New York Transportation (guar.)
50c. Jan. 15 Holders of rec. Dec. 31.
Newton Steel, corn. (guar.)
*50e. Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
*1% Dec. 31 *Holders of rec. Dec. 15
NipIssing Mines(guar.)
150. Jan. 20 Holders of.xec. Dec. 31
North American Provision (guar.)
1/1 Jan, 1 Holders of reo. Dec. 10
Northern Pipe Line
$3 Jan. 1 Holders of rec. Dec. 10
Extra
$I Jan. 1 Holders of rec. Dec. 10
Northwestern Yeast (extra)
Dec. 31 Dec.d24 to Jan. 2
3
Norwalk Tire dr Rubber, pref.(guar.) _ _ _
1% Jan. 1 Holders of rec. Dec. 20a
Nunnally Co
50c. Dec. 31 Holders of rec. Dec. 18a
Ogilvie Flour Mills (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 21
011 Well Supply (Corn.) (guar.)
50c. Jan. 3 Holders of rec. Dec. 15a
Preferred (guar.)
Feb. 1 Holders of rec. Jan. 15a
Omnibus Corporation. pref. (guar.)-- - Jan. 1 Holders of rec Dec. 17.
Onondaga Silk. preferred (guar.)
2
Jan. d2 Holders of rec. Dec. 18a
Orpheum Circuit. Inc.. corn.(monthly). 16 2-3e Jan. 2 Holders of roc. Dec. 20.
Preferred (guar.)
2
Jan. 2 Holders of roe. Doe. 15a
Otis Elevator, pref.(guar.)
134 Jan. 15 Holders of rec. Dec. 810
Otis Steel, prior preferred (guar.)
Jan. 1 Holders of rec. Dec. 150
Overman Cushion Tire, Cl. A &B (gu.)._ 1% Jan. 1 Holders of rec. Dec. 18
First preferred (guar.)
131 Jan. 1 Holders of rec. Dec. 18
Ovington Brothers Co., partic. pref..
40c. Jan. 2 Holders of rec. Doe. 15
OwensBottle, common (guar.)
750. Jan. 1 Holders of rec. Doe. 1130
Common (extra)
Jan.
$2
Holders of rec. Dec. 160
Common (payableIn common stock)_. 5
Jan.
Holders of rec. Dec. lea
Common (guar.)
750. Apr.
Holders of recs. Mar. 16a
Preferred (guar.)
Holders of rec. Dec. lea
1% Jan.
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 16a
Packard Motor CarCommon (monthly)
200. Dec. 31 Holders of rec. Dec .150
Common (monthly)
200. Jan. 3 Holders of rec. Jan. 150
Common (monthly)
200. Feb. 2 Holders of rec. Feb. 15a
Paige-Detroit Motor Car. prof. glum./ -Holders of rec. Dec. I50
131 Jan.
Pan Am.Petrol.&Tr.,com.&com.B(MO $1.50 Jan. 20 Holders of rec. Dec. 31a
Park-Utah Consolidated Mines (au.)
15e. Jan. 2 Holders of rec. Dec. 155
Pedigo-Weber Shoe(guar.)
62340. Jan. 2 Holders of rec. Dec. 23
Pelz-Greenstein Co.. Inc., preferred__ $3.50 Jan. 1 Holders of rec. Doe. 29
Penick dr Ford, Ltd., com.(gu.)(No.1). 250. Jan. 1 Holders of rec. Dec. 154
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 110
Penney (J. C.) Co., 1st pref.(quar.)____
Dec. 31 Holders of rec. Dec. 20a
Pa.-Dixie Cement,com.(No. 1)
800. Jan. 1 Holders of rec. Doe. lba
Pet Milk Co., com.(guar.)
750. Jan. 1 Holders of rec. Doc. 11
Preferred (guar.)
Jan. 1 Holders of rec. Doe. 11
Pettibone,MulUken Co.,1st& 2d pf.(qu.)
Jan. 3 Holders of rec. Dec. 230
Philadelphia Insulated Wire
Feb. 1 Holders of rec. Jan. I5a
$2
Extra
50c. Feb. I Holders of rec. Jan. I50
Phillips Petroleum (guar.)
75c. Jan. 3 Holders of rec. Dec. 15.
Pick (Albert) & Co., pref.(guar.)
1% Jan.
De •.21 to
Dec 3
Pie Bakeries of America, class A (quar.)_ $1
Dec. 3 Holders of rec. Dec. 15
Preferred (guar.)
131 Dec. 3 Holders of rec. Dec. 15
Pierce-Arrow Motor Car, pref.(guar.)
.- 2
Jan.
Ho:ders of rec. Dec. 15.
Pittsburgh Plate Glass (guar.)
2
Dec. 3 Holders of rec. Dec. 15
Pittsburgh Steel Foundry. pref.(guar.). i34 Dec. 3 Dee. 16 to Jan. 2
Prairie Pipe Line (guar.)
2
Jan. 3 Holders of rec. Dec. 31a
Pratt & Lambert Co.,common (Oust,),.. 75e. Jan. 3 Holders of roc Dee ISo
Common (extra)
Si
3 Holders of roe Dec. I5a
Jan
Pratt dt Whitney, pref.(guar.)
134 Dec. 81 Holders of rec. Dec. 17a
Preferred (acct. accum.dive.)
53
Dec. 31 Holders of rec. Dec. 17a
Pressed Steel Car. pref. (guar.)
Dec. 31 Holders of reo. Doe la
Procter & Gamble. preferred (guar.)._ _ _
2
Jan. 15,Holders of rec. Deo.d24a
Pro-phy-lac-tic Brush. common (quar.)_ 50o. Jan. 15 Holders of rec. Dec. 31a
Common (extra)
$1
Jan 3 Holders of rec. Doe. 20a
Provincial Paper Mills, coin.(quar.)____
1% Jan. 3 Holders of rec. Dec. 15
Common (bonus)
1
Jan. 3 Holders of roe. Dec. 15
1% Jan. 3 Holders of rec. Doe. lb
Preferred (guar.)
Pure 011 Co., 5)4% pref.(guar.)
1% Jan. 1 Holders of rec. Dec. 10
Six per cent preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 10
Eight per cent preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 10a
Quaker Gets, common (guar.)
Si
Jan. 15 Holders of rec. hoe.
Preferred (guar.)
l4 Feb. 28 Holders of rec Feb. la
Silk
Hosiery
Mills, common (qu.)
Real
$1
Jan. 1 Holders of rec. Dec. 20,
Preferred (guar.)
134 Jan. 1 Holders of rec. Dec. 200
Realty Associates, 1st preferred
3
Jan. 15 Holders of rec. Jan. 5a
Reece Buttonhole Machine (guar.)
35o. Jan. 3 Holders of rec. Dec. 15
Reece Folding Machine (guar.)
10e. Jan. 3 Holders of rec. Dec. 15
Regal Shoe, preferred (guar.)
Jan. 3 Dec. 22 to
J..n. 2
Reid Ice Cream Co.. coin.(guar.)
75o Jan
3 Holders of ree. Dec. 20.
Reis (Robert) & Co. 1st pref. (guar.).131 Jan. 2 Holders of rec. Dee. 200
Reliance Mfg., pref.(guar.)
Jan. 3 Holders of rec. Dec. 20a
Remington-Noiseless Typewr., pf.(du.). 1% Jan. 15 Holders of rec. Jan. 3
Remington Typewriter, first pref.(gu.)- 1% Jan, 1 Dec. 16 to Jan.
Second preferred (guar.)
2
Jan
1 Dec. 16 to Jan
2
Ron Motor Car (War.)
200. Jan
3 Holders of roe. Dec. 15a
Extra
200. Jan. 3 Holders of rec. Dec. 15a
Republic Iron & steel, preferred (guar.)Jan. 2 Holders of rec. Dec. 15.
134
Name of Company.
3289
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Congested).
Reynolds(R.J.) Tobac.,com.. A&B(gu.) $1.25 Jan. 1 Holders of rec. Dec. 18a
Rice-Stix Dry Gds., 1st & 2d pf.(gu.)-- 1% Jan. 2 Holders of rec. Dec. 15
Richardson & Boynton Co., part. pf.(qu) 750. Jan. 3 Holders of rec. Dec. 15
Richman Bros. (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 22
Stock dividend
/10
Feb. 10 Holders of rec. Feb. 5
Extra
Feb. 19 Holders of rec. Feb. 15
85
•15( Jan. 3 *Holders of rec. Dec. 15
Rogers(Wm. A.) Ltd., pref.(quar.)
•1%
Preferred (acct. accum. dividends)--Jan. 3 *Holders of rec. Dec. 15
Royal Baking Powder, com.(quar.)--- 2
Doe. 31 Holders of rec. Dec. 15
Common (extra)
2
Doe. 31 Holders of rec. Dec. 15
Preferred (guar.)
1)4 Dec. 31 Holders of rec. Dec. 15
Safety Cable (guar.)
Si
Jan. 15 Holders of rec. Dec. 31,1
Subway Stores, Inc., com.(No. 1)
$2
Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. 20
St. Joseph Lead (guar.)
50c. Mar.21 Mar. 10 to Mar.21
Extra
250. Mar.2 Mar. 10 to Mar. 21
Quarterly
500. June 2 June 10 to June 20
Extra
250. June 2 June 10 to June 20
Quarterly
50c. Sept.20 Sept. 10 to Sept.20
Extra
25c. Sept.20 Sept.10 to Sept.20
Quarterly
50c. Dec. 20 Dec. 10 to Dec. 20
Extra
250. Dec. 2 Dec. 10 to Dec. 20
St. Louis Nat.Stock Yards (guar.)
*2
Jan.
*Holders of rec. Dec. 27
St. L.Rocky Mt.&Pee.Co., com.(gu.)
)4 Dec. 3 Holders of rec. Dec. 154
Preferred (guar.)
1% Doe. 31 Holders of rec. Doe. 15a
St. Maurice Valley Corp., pref. (guar.). 1% Jan, 3 Holders of rec. Dec. 15
St. Regis Paper, common (guar.)
50c. Jan. 1 Holders of rec. Doe. 16
131 Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
Salt Creek Consol. Oil(guar.)
20c. Jan. 3 Holders of rec. Dec. 15
San Toy Mining
lc. Jan. 3 Holders of rec. Doe. 15a
Savage Arms, first preferred (guar.)
'134 Feb. 15 *Holders of rec. Feb. 1
Second preferred (guar.)
Feb. 15 *Holders of rec. Feb. 1
4chlesinger(B.F.)& Bons, cl. A NUJ-- *3734c Jan, 3 *Holders of rec. Dec. 15
Schulte Retail Stores, oref.(guar.)
2
Jan, 3 Holders of rec. Dec. 154
_thwarts (Bernard) Cigar Corp.
Common A & B (guar.)
20c. Jan. 2 Holders of rect. Dec. 15a
Seagrave Corporation, com. (guar.).--- k30c. Jan. 20 Holders of roe. Dec. 3I0
Seeman Bros., Inc., common (quar.)___ 50o. Feb. 1 Holders of rec. Jan. 14.
Segal Lock & Hardware, Pref.(guar.).-134 Jan. 15 Holders of rec. Dec. 31
2
Jan. a2 Holders of rec. Dec. 206
Seiberling Rubber, pref.(guar.)
Jan. 25 Holders of rec. Dec. 31
$7
Shaffer 011& Ftefg.,com.(No.1)
131 Jan. 25 Holders of rec. Dee. 31
Preferred (guar.)
Preferred (acct. accum. dividends)... 1931 Jan. 25 Holders of rec. Dec. 31
*50c. Jan. 15 *Holders of rec. Dec. 31
Sharon Steel Hoop,cons
.2
Jan. 3 *Holders of rec. Dec. 24
Preferred (guar.)
Shattuck (Frank G.) Co.(guar.)
50c. Jan. 10 Holders of rec. Dec. 20a
50c. Jan. 2 Holders of rec. Dec. 21
Sheffield Steel. corn.(guar.)
35c. Doe. 31 Holders of rec. Dec. 100
Shell Union 011 (qua?.)
600. Dec. 31 Holders of rec. Doe, 104
Extra
Sherwin-Williams Co..Can., corn.(qu.). 134 Dec. 31 Holders of rec. Doe. 15
Dec. 3 Holders of rec. Dee. 15
Preferred (guar.)
Shredded Wheat (guar.)
750. Doe. 3 Holders of rec. Dec. 21
Shreveport-El Dorado Pipe Line(Qua?.).. 250. Jan. 2 Dee. 22 to Jan. 1
Jan. 2 Dec. 22 to Jan. 1
$1
Extra
Sieloff Packing, common (guar.)
30c. Jan.
Holders of rec. Dec. 20
Silver King Coalition Mines
100. Dee. 2 Dec. 16 to Jan. 2
50c. Jan.
Holders of rect. Dec. 154
Simmons Company, cam.(guar.)
Holders of rec. Dee. 150
Simms Petroleum
50c. Jan.
Singer Manufacturing (guar.)
235 Dec. 3 Dec. 11 to Jan. 2
Extra
134 Dec. 3 Dec. 11 to Jan. 2
Sloss-Sheffield Steel dr Iron, pref.(guar.) 1% Jan.
Holders of rec. Dec. 204
Smith (Howard) Paper Mills, pref.(qua 2
Jan. 1 Holders of rect. Dec. 31
Smith (L.G.)dr Corona Typewriter,Inc.
50e. Jan. 1 Holders of rec. Dec. Ha
Common (guar.)
131 Jan. 1 Holders of rec. Dec. 184
Preferred (guar.)
South Penn 011
50o. Dec. 31 Holders of MO. Dec. 14
134 Jan. 8 Holders of rec. Dec. 100
South Porto Rico Sugar,corn.(quar.)..__
Jan. 3 Holders of rec. Dec. 100
Preferred (guar.)
Dec. 31 Holders of reo. Dec. 15
South West Penna,Pipe Line (guar.).- $1
Southern Baking, pref.(guar.)
$2 Jan. 3 Holders of rec. Dec. 14
Spanish River Pulp & Paper MillsCommon and preferred (guar.)
134 Jan. lb Holders of rec. Dee. 31
Sparks-Withington Co., corn.(qua?),,.. 250. Dec. 31 Holders of rec. Dec. 20
Preferred (guar.)
134 Dec. 31 Holders of roe. Dee. 20
Jan. 1 Holders of roe. Dee. 200
Spicer Mfg., pref. (guar.)
Sprague-Bells Corp., part.*A stk.(gu.)... 6234c Jan. 1 Dec. 21 to Jan. 2
8
Jan. 3 Dec. 25 to Jan. 11
Standard Coupler, pref.(annual)
Standard Milling. corn. (guar.)
134 Dec. 31 Holders of rec. Doe. 18.
1% Doe. 31 Holders of rec. Dec. 18a
Preferred (guar.)
Standard 011(Kentucky)(guar.)
Jan. 2 Holders of rec. Dec. 15
$1
standard Gil (Ohio). coin. (guar.)
234 Jan. I Holders of rec. Nov. 26
Standard Plate Glass, prior pref.(guar.)
Jan. 1 Holders of rec. Dec. 204
Stanley Co.of America (guar.)
750. Jan. 1 Doe. 19 to Jan. 1
Slangs,-Crandall Co.of Wash..pref.(qu.) 134 Jan. 1 Holders of rec. Dec. 31
6234c Jan. 3 Holders of rec. Dec. 15
Stanley Works
Steel Co. of Canada, com.& pf. (qua?.).. 131 Feb. 1 Holders of rec. Jan. 7
Sterling Products, Inc.(qua?.)
$1.2 Feb. 1 Jan. 15 to Feb. 1
Stern Brothers, class A (guar.)
Jan. 2 Holders of rec. Dee. 21
$1
$1.25 Jan.
Stone(H.0.)& Co., corn.(guar.)
Holders of rec. Doe. 15
Common (payable in corn.stock)
j10 Jan.
Holders of rec. Doe. 15
1% Jan,
Preferred (guar.)
Holders of rec. Dec. 15
Stromberg Carburetor (guar.)
$1.50 Jan.
Holders of rec. Dee. 104
Stroock (S.) & Co., Inc.(guar.)
750. Dec. 28 Holders of rec. Dec. 15
Sullivan Machinery (guar.)
$1
Jan, 1 Jan. 1 to Jan. 13
Swedish-Amer. by,Corp.. part. pf.(qu.) 1/4 Jan.
Holders of rec. Dec. 15a
Swift & Co.(Man)
Jan. 1 Dec. 11 to Jan.
2
Symington (The) Co. class A (guar.).- - 50c. Jan. 2 Holders of rec. Dec. 155
Syracuse Washing Mach., A dc B (guar.) 75c. Jan. 1 Dec. 16 to Dec. 31
Class A and B (in stock)
2
Jan. 1 Dec. 16 to Dec. 31
Preferred (quiz.)
2
Jan, 1 Dec. 16 to Dec. 31
Teiautograph Co. (guar.)
14( Jan. 10 Holders of rec. Dec. 31
rexas Company (q 4ar.)
75c. Dec. 31 Holders of rec. Dec. 100
rexas Corporation (No. 1)
75e Jan. 1 Holders of rec. Dec. 106
Texon 011 & Land (guar.)
20c. Jan. 25 Holders of rec. Dec. 270
Textile Banking (guar.)
2
Jan, 3 Holders of rec. Dec 270
Thompson (J. It.) Co.(monthly)
300. Jan. e3 Holders of rec. Dec. 230
Monthly
30c. Feb. 1 Holders of rec. Jan. 240
Monthly
30c. Mar. 1 Holders of rec. Feb. 230
Thompson Products,common (guar.)... 3
Dec. 31 Holders of rec. Dec. 20.
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb.d19a
Tide Water Associated 011, pref
$1.50 Jan. 1 Holders of rec. Dec. 6
Tlae Water 011, corn.(guar.)
3734c Dec. 81 Holders of rec. Dec. 64
Timken-Detroit Axle, cow.(guar.)
150. Jan. 1 Dec. 21 to Jan. 2
Common (extra)
Sc. Jan. 1 Dec. 21 to Jun. 2
Tinge Standard Mining
20c. Dec. 23 Dec. 12 to Jan. 3
Fintic Standard Mining
30c. Jan. 3 Dee. 12 to Jan. 3
Tobacco Products.common (guar.)
134 Jan. 15 Holders of rec. Doe. 27a
Torrington Company (guar.)
750. Jan. 3 Holders of mc. Dee. 17
Extra
$1.2 Jan. 3 Holders of roc. Dec. 17
Tower Manufacturing (guar.)
37 Yic Jan. 2 Holders of rec. Dec. 150
['reveler Shoe(guar.)
3 Holders of rec Dee Ha
37,-A Jun
Trumbull Cliffs Furnace. pref. (guar.). _
I k, Jan.
H..Iders of ree. Dec. 20
rruscon Steel, common (guar.)
Jan 15 Holders uf rec. Jan
40e
a
Common (payable In common stock)
he
Jan
Holders of roe 21111
Olen dr Co.. 7Si% preferred
344 Jan. 3 Holders of rec. Dec. 20
Eight per cent preferred
Jan. 3 Holders of rec. Dec. 20
4
Underwood Computing Mach.. pref Aqui $1.7 Jan
Holders of rec. Dec. 15
Underwood Typewriter,common (guar.) 1
I Honiara of roe De43. 40
Jan
1% Jan
Preferred (guar.)
I Homers of roe Dec. 44
Union Carbide dr Carbon (guar.)
$1.50 Jan. 1 Holders of rec. Doe 30
Union Metal(guar.)
Me, Dec. .1. Holders of rec. Dec. 20
4)04'.3. 14“1.1ers of res. hoc. 20
250
Extra
Union Tank Car, com.(In corn. stock).. /25
Dec. 28 Holden) of roc Dec. 13a
134 Dee. 31 Holders of rec. Dec 20
Union Twist 131111, preferred (guar.) 50, itee JO Holders of rec Dec /Oa
tinised Cigar Stores of Amer..cum.(nu
f
ow .0) Holders of rec Dec 10a
Common (payable In eornmon stock).
8734c Feb. 1 Holders of roe. Jan. I5a
United Drug, 1st pref. (guar.)
(guar.)
Dyewood,
pref.
ss Jan
United
3 Holders of rec. Dee. I5a
) Holders of rec. Dec. 15
IJan
United Equities Corporatiuu (special).. $1
$I
United Fruit(guar.)
Jail
3 Holders of ree Dec. 4a
•
3290
Name of Company.
Per
When
Cent. Payable
Boolcs Closed
Days Inclusive.
Miscellaneous (Concluded)
United Ice Service. pref. A (quar.)
$1.75 Jan. 3 Holders of rec. Dec. 20a
United Profit-Sharing Corp.. com.(ext.). 60o. Jan. 15 Holders of rec. Dec. 154
Common (payable in common stock). (z) Jan, 15 Holders of rec. Dec. 150
United Shoe Machinery, corn. ((Plan).2%c Jan. 5 Holders of rec. Dec. 14
Preferred (quar.)
37)6c Jan. 5 Holders of rec. Dec. 14
United Verde Extension Mining (guar.). The. Feb. 1 Holders of rec. Jan. 6
U.S. Bobbin & Shuttle, pref.(quar.)
1% Dec. 31 Holders of rec. Dee. 80
U. S. Distributing, Preferred
334 Jan. 1 Holders of rect. Dec. 150
U.S. Gypsum,common (guar.)
40c. Dec. 31 Dec. 5 to Dec. 19
Common (extra)
$1.40 Deo. 31 Dec. 5 to Dec. 19
Common (payable In common stock)_ /35
Dec. 31 Deo. 5 to Dec. 19
Preferred (quar.)
13 Dec. 31 Dec. 5 to Dec. 19
U.S. Industrial Alcohol, corn
$1.25 Feb. 1 Holders of rec. Jan. 15a
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 31a
U.S. Light & Heat. corn (No. 1)(qu.)
50o. Jan. 3 Dec. 16 to Jan. 3
Preferred A (guar.)
2% Jan. 3 Holders of ree. Dec. 20a
U.S-PlayIng Card (guar.)
Jan. 3 Holders of roe. Doe. 21
$2
U.13. Steel Corp.. common (quar.)
Dec. 1
ig Dec. 30
Common (payable in corn. stock)__ - _ .40
U.S.Tobacco, corn.(guar.)
75e. Jan. 3 Holders of rec. Doe. 13a
Preferred (guar.)
$1.75 Jan. 3 Holders of rec. Dec. 130
Universal Leaf Tobacco, pref.(quar.)..._ 2
Jan. 1 Holders of rec. Dec. 20
Universal Picture Corp.. first pref.(qu.) 2
Jan. 1 Holders of roe. Dec. 20
Universal Pipe & Radiator, pref.(qu.)-- 1% Febl'27 Holders of rec.Jan15'270
Preferred (guar.)
134 M'y2'27 Holders of ree.Apr15'276
Preferred (guar.)
Augl'27 Holders of rec.July15270
Preferred (guar.)
1% Nov1'27 Holders of rec.Oct.15'27a
Universal Utilities, common
6
Jan. 15 Holders of roe. Dec. 31
Preferred
12
Jan. 15 Holders of roe. Dec. 31
Utah Copper Co.(guar.)
$1.50 Dec. 31 Holders of rec. Dee. 15a
Van Dorn Iron Works, pref.(quar.)1% Jan. 2 Holders of rec. Dec. 22
Virginia Iron. Coal & Coke. prof
234 Jan. 3 Holders of rec. Dec. 15a
Vlvaudou (V.), Inc., corn.(guar.)
The. Jan. 15 Holders of rec. Doe. 31a
Preferred (guar.)
1% Feb. 1 Holders of rec. Jan. 150
Vulcan Detinning, prof.(guar.)
134 Jan. 20 Holders of roe. Jan. 8a
Preferred A (quar.)
1% Jan. 20 Holders of rec. Jan. 8a
Preferred (account:mum.dividends). 52
Jan. 20 Holders of rec. Jan. 8a
Wabasso Cotton (guar.)
$1 Jan. 2 Holders of rec. Dec. 154
Bonus
50o. Jan. 2 Holders of recs. Dec. 154
Wagner Electric Corp., pref. (guar.).-- 1% Jan, 1 Holders of rec. Dec. 21
Waldorf System, corn.(guar.)
31340 Jan. 3 Holders of rec. Dec. 200
20o. Jan. 3 Holders of rec. Dec. 20
Preferred (quar.)
Waltham Watch, prior preferred (guar.). I% Jan. 3 Holders of rec. Dec. 206
Waltke(William) & Co., coin
60e. Feb. 1
Walworth Company, pref.(quar.)
The. Dec. 31 Holders of rec. Dec. 316
Ward Baking Corp., class A (quar.).
Jan. 1 Holders of rec. Dec. 15a
$2
Preferred (guar.)
134 Jan. 1 Holders of roe. Dec. 15a
Warner-Quinlan Co., corn. (guar.)
50c. Jan. 3 Holders of rec. Dec. 150
Warren Bros., common (guar-)
$1
Jan. 3 Holders of rec. Dec. 20a
Common (extra)
$1
Jan. 3 Holders of rec. Dec. 206
First preferred (guar.)
75c. Jan. 3 Holders of rec. Dec. 20a
Second preferred (guar.)
875.4c Jan. 3 Holders of rec. Dec. 20a
Waverly 011 Works. class A (guar.)
75e. Jan. 1 Holders of rec. Dec. 200
Wayagamack Pulp & Paper (No. 1)
75e. Jan. 3 Holders of rec. Dec. 2Ia
Weber & Heilbroner, corn.(quar.)
$1
Dec. 30 Holders of rec. Dec. 150
Preferred (guar.)
DI Mar. 1 Holders of rec. Feb. 15a
West Coast Oil, preferred (quar.)
511.50 Dec. 30 *Holders of roe. Dec. 20
Jan. 5 *Holders of rec. Dec. 20
Preferred (extra)
*53
West Point Mfg.(guar.)
2
Jan. 3 Holders of roe. Dec. 15a
Western Auto Supply partio. pref.(qu.)_ 50o. Jan. 1 Holders of rec. Doe. 20
Western Electric Co. (guar.)
*82.50 Dec. 31 *Holders of rec. Dec. 24
51.75 Jan. 31 Holders of rec. Dec. 31a
Westinghouse Air Brake (guar.)
$1
Jan. 31 Holders of rec. Dec. 3I0
Extra
Jan. 31 Holders of roe. Dec. 31a
Westinghouse Elec.& Mfg.,corn.(qua?.) 31
Preferred (guar.)
$1
Jan. 15 Holders of rec. Dec. 31a
Weston Electrical Instrument, el. A(qu.) 500. Jan. 1 Holders of roe. Dec. 16a
Jan. 3 Holders of rec. Doe. 11
Wheeling Steel Corp.. pref. A (quar.)--- 2
Preferred A (account accum. dividend) 560e. Jan. 3 Holders of rec. Dec. 11
2% Jan. 3 Holders of rec. Dec. 11
Preferred B (quar.)
575c. Jan. 3 Holders of rec. Dec. 11
Preferred B (account accum. div.)___
White Eagle 011 & Refining (quar.)
50c. Jan. 20 Holders of rec. Dec. 310
Dec. 31 Holders of roe. Doe. 150
White Motor Co.(guar.)
51
White Motor Securities Co., pref.(au.). 1% Dec. 31 Holders of rec. Dec. 15
White Rock Mineral Springs, corn.(qu.) 30e. Dec. 31 Holders of rec. Dec. 27
200. Dec. 31 Holders of rec. Dec. 27
Common (extra)
1% Dec. 31 Holders of rec. Dec. 27
First preferred (guar.)
$1.25 Dec. 31 Holders of roe. Dec. 27
Second preferred (guar.)
Second preferred (extra)
21.25 Dec. 31 Holders of rec. Dec. 27
Jan. 3 Holders of rec. Doe. 15
Will & Bauman Candle, Inc., pref. (qu.) 2
1% Jan. 3 Holders of roe. Dec. 21a
Willys-Overland Co., pref.(guar.)
Dec. 31 Holders of rec. Dee. 10
Wolverine Petroleum, corn.(No. 1)......- $2
150. Dec. 31 Holders of rec. Dec. 15
Woodley Petroleum (quar.)
Woolworth (F.W.)Co.,com.(in com.stk. f50 Feb. 1 Holders of rec. Jan. 10a
250. Jan. 3 Holders of rec. Doe 200
Wrigley (Wm.) Jr. & Co.
500. Jan. 3 Holders of Fee. Doe. 200
(monthly).Exra
25e. Feb. 1 Holders of rec. Jan. 200
Monthly
250. Mar. 1 Holders of roe. Feb. 20a
Monthly
Jan. 3 Holders of rec. Deo. 100
Yale & Towne Manufacturing (qua?.).... $1
Yates American Machine, part. pf.(qu.) 650. Jan. 2 Holders of rec. Doe. 200
Yellow Truck dv Coach,claw B (quar.).... 1834e Jan. 1 Holders of roe. Doe. 15a
1% Jan. 1 Holders of rec. Doe. 15a
Preferred (quar.)
Dec. 31 Holders of rec. Dee. 15a
Youngstown Sheet dt Tube, corn.(guar.) 31
1% Dec. 31 Holders of rec. Dec. 15a
Preferred (quar.)
3734c Jan. 15 Holders of rec. Dec. 31
Zellerbach Corp., corn. (guar.)
•From unofficlal sources. t The New York Stock Exchange has ruled that stook
will not be quoted ex-dividend on this date and not until further notice. t The
New York Curb Market Association has ruled that stock win not be quoted exdividend on this date and not until further notice
a Transfer books not closed for this dividend. el Correction. o Payable In stock.
/Payable In common stock. g Payable In scrip. 11 On account of accumulated
dividends. is Payable In preferred stook.
aa British-American Tobacco dividends are one shilling and eight pence regular
and ten pence interim. Transfers received In London up to Dec.8 will be in time
for payment of dividend to transferreee.
Lees $2 per share to cover legal expenses for extending second mortgage bonds and
third and fourth installments of 1925 Income tax.
I Leas 50 cents to cover third and fourth guar. Installment of the 1925 income tax.
k Thirty cents cash or 234% in stock at stockholder's option.
I Erroneously reported in previous issue as Canada Cement Co.
a Payable In partly,. pref, stock at par, cash being paid In lieu of fractional shares
o Less $2 per share to cover legal expenses of extending second mortgage and
third and fourth Installments of 1925 Income tax.
p American Gas & Electric regular stock dividend is 1-50th, and the special dividend 4-10ths, for each share of new no par common stock.
o American Piano stock dividend is at rate of one share for each one hundred shares.
r Electric Investor stock dividend is three-fiftieths of a share of common stock
for each share held.
s At rate of 8% per annum for period from May 1 to Dec. 311925.
I Chemical National Bank stock dividend of $500,000 (one-ninth of a share for
each share held), subject to ratification by stockholders at meeting in January.
Payable In stock dividend certificates exchangeable May 1 1927 for $25 par value
common stock at the rate of two shares for each one hundred shares.
,Less 75 cents per share to cover third and fourth installments of 1925 income tax.
to In lieu of cash. dividends may be taken, n stock as follows: on class A corn.,
1-40 of a share of class A stock for each share; on class B at rate of $10 per share In
dagEl B stock for each share of class B stock held.
X United Profit-Sharing stock dividend Is one share corn.stock for each 20 shares.
V In lieu of cash dividends may be taken in stock at the rate of 3 15-100 of a share
of *lass A stock for each share of original series pref. stock and 65-100 of a share of
Glass A stock for each share of $7 dividend series pref. stock.
s At rate of 2%% of one share of Class A stock for each share held.
[Vou 123.
THE CHRONICLE
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Dec. 18. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
On account of the fact that to-day (Saturday, Dec. 25) is
a holiday,it being Christmas Day,the, return for the present
week, which would have been issued to-day, was made public
yesterday afternoon. We have room here only for the general totals. The table with complete details for the individual banks will appear next Saturday. Using the figures
showing the actual condition at the end of the week, the total
of the loan item on Dec. 24 stands at $5,531,521,000, an increase from the previous week of $103,371,000; net demand
deposits, $4,462,828,000, an increase of $60,219,000; time
deposits, $661,816,000, an increase of $10,584,000; cash in
vault, $76,170,000, an increase of $10,654,000; reserve with
legal depositaries, $632,916,000, an increase of $53,934,000;
aggregate reserve, $743,561,000, an increase of $154,466,000
and excess reserve, $41,193,430, an increase of $46,230,350.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of donars-that Is, three ciphers (000) omitted.)
New
Reserve"
Capital. Profits. Loans,
Net
Discount, Cash
with
Time Bank
Week Ending
in
Legal Demand
De- Ciro*.
Dec. 18 1926. Nat'l, June 30 InvestState, Nov.15 meals, Vault. Deposi- Deposits, posits. lotion.
tortes.
(000 omitted.) Tr.Cos. Nov.15 cec.
Members of Fed. Res.Bank.
$
Bank of N Y & $
Trust Co__ 4,000 13,354
Bk of Manhat'n 10,700 15,854
Bank ot America 6,500 5,286
National City__ 50,000 63,133
Chemical Nat... 4,500 18,535
Nat Bk of Corn.. 25,000 41,943
ChatPh NB &T 13.500 12,763
Hanover Nat__ 5,000 26,003
Corn Exchange. 10,000 15,269
National Park__ 10,000 24,152
Bowery & t rt_ 3,000 3,224
First National_ 10,000 74,875
Am Ex Irving Tr 32,000 28,808
Continental_ __. 1,000 1,269
Chase National_ 40,000 36,782
500 2,985
Fifth Avenue__
Commonwealth.
800
740
Garfield Nat'l__ 1,000 1,782
Seaboard Nat'l_ 6.000 10,415
Bankers Trust_ 20.000 35,540
US Mtge & Tr_ 3,000 4,965
Guaranty Trust 25,000 25,202
Fidelity Trust__ 4,000 3,235
New York Trust 10,000 21,813
Farmers L & Tr 10,000 19,908
Equitable Trust 30,000 22,907
Average. Average Average
$
$
$
76,254
667 7.402
170,700 3,956 17,437
75,087 1,872 10,979
655,530 5,543 73,679
135,455 1,397 16,775
369,358
960 39,736
218,279 3,216 23,313
637 13,782
119,945
204,716 6,924 24,843
157,084 1.007 16,793
59.141 1,981 5,939
581 26,471
285.469
434,644 5,816 51,372
1371
852
7,875
578,774 7,839 69,76
928 3.309
26,414
577 1,406
13,666
524 3,465
17,075
126,272 1,119 15,543
344,168 1,127 36,877
61,723
941 7,613
446,809 1,886 49,315
41,662
945 5,069
168,115
685 18,032
136,615
674 13,676
274,483 1,921 29,117
Average. Average
$
$
54,481 10,230
127,341 25,484
83,549 3,578
*698,023 113,736
124,465 3,096
296,271 37,281
166,853 44,455
103,152
174,359 30,960
127,683 6.615
40,58218,486
200,391 13,701
384,761 40,599
6,040
440
*533,919 44,004
25,516
9,674 4,338
17,009
643
117,779 4,394
*302,835 42,877
57,907 4,288
*429,003 61.278
37,128 3,896
132,895 21,895
*103,439 18.783
*305.616 28,972
ACM.
$
____
93
347
6,134
3,491
1,483
8,476
---__2,484
-----44
---.
---------
Total of averages335,500530,7525.205,313 53.850582.562c4,292,755583,92920,552
Totals, actual co ndition Dec. 185.207,927 55.403568,291c4,283,311 582,04820,468
Totals, actual c' ndition Doe, 115,193.670 50,110586.460c4,269.485584,84225,430
Totals, actuate' ndition Dee. 46.231,874 45,187530,274c4,294,575577,42325,516
State Banks Not Members of Fan Res've Bank.
Greenwich Bank i,00e 2,645 24,810 2,252 2,213
State Bank.,_ _ 5.0001 5,761 110,301 5,148 2,531
23,320 2,681
41,404 64,331 --
135,111
7,400
4,744
64,724 67,012 ----
NIDec. 18 135,005
Totals, actual co ndition
Totals, actuate' ndition Dec. 11 134,622
Totals, actuate' ndition Doe. 4 134,322
7,327
6,917
6,900
5,109
4,147
4,614
64,847 67,059 --63,257 66.954 ---63,681 66,787
---
Total of averag
6,000
8,406
ot Members of Fd'i Res'ye Be nit.
Trust Companies
37,659
Title Guar & T 10.000 19.506 63,656 1,829 3,850
933 1,772
3,429 22,296
3,000
17,560
Lawyers Trust.
1,320 --833 ----
13,000 22,936
85,952
2,762
5,622
55,219
2,153
Totals, actual co ndition Dec. 18
Totals, actuate' ndition Dec. 11
Totals, actuate' ndition Dec. 4
85,218
86,229
87,051
2,786
2,667
2,629
5,582
5,801
6,215
54,451
55,793
57,021
2,127
2,143 --2,151
Total of average
__-
Gr'd aggr., avge.354,500562,0955,426.376 64,022692,928 4,412,698653,09420,552
-6,309 +6,774+5,474 +29,523 +2,535-5,013
Comparison WI h prey.week
Gr'd seer., act'ticond'n Dec. 185,428,150 65.516578,982 4,402,609651,23220,468
+13,629 +5,822-17,426 +14,074-2,707 .962
Comparison wl h prey.week
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'
aggr., act'
aggr., act'
aggr., act'
aggr., act'
aggr., act'
cond'n
cond'n
cond'n
cond'n
cond'n
cond'n
Dec. 115,414.521
Dec. 45,453,247
Nov.275,416,481
Nov.205,351,173
Nov.135,345,490
Nov. 65.358.451
59,694596,408
54.716641.103
69.276594.979
54,796618.955
55,609595.168
58.226583,488
4,388.535653.93925,430
4,415,277646,361 25,516
4,350.204 649,408 25,432
4,365,463628,34025,464
4,363,683627,61925,530
4,309,068 624,878 25.276
Note.-II. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total Dec. 18, 527,729.000. Actual totals Dee. 18,
$39,680,000; Dec. 11, 817.515.000: Doe. 4, $17,516,000; Nov. 27, $17,516,000;
Nov.20,$17,861,000; Nov.13, 827,806,000. Bills payable, rediscounts, acceptance*
and other liabilities, average for week Doe. 18. $615.714,000; Dec. 11, $633.223,000:
Dec. 4, 8617,240,000; Nov. 27, $620,179,000; Nov. 20, $587,891,000; Nov. 13,
$590,712,000. Actual totals Dec. 18, 1510,740,000; Dee. 11. $618,572,000; Dec. 4,
5582,048,000; Nov.27.8657.913,000; Nov.20,8516,980,000; Nov. 13. $597,811,000.
•Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $161,180,000; Chase National Bank, $11,365,000; Bankers
Trust Co., $30,158,000; Guaranty Trust Co., $71,812,000; Farmers' Loan & Trust
Co., $3,566,000; Equitable Trust Co., $89,835,000. Balances carried in banks In
foreign countries as reserve for such deposits were: National City Bank, $24,934,000;
Chase National Bank, $2,024,000; Bankers Trust Co., $1,847,000; Guaranty Trust
Co., 82,952,000; Farmers' Loan & Trust Co.. 53,566,000; Equitable Trust Co..
86,837,000.
c Deposits In foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dol:ars, that is, three ciphers (0001 omitted.)
1
• .
.
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companies•_
7,400,000
2,762,000
Total
Reserve.
Stooks,
Reserve
Reserve
Required
$
6,985.980
493,680
101.150
$
$
582,562,000 582,562,000 575,576,020
4,744,000 8,384,000 11,650,320
5,622,000 12,144,000 8,282,850
10,162,000 592,928,000 603,090.000 595,509,190 7,580,810
Total Dec. 18_
Total Dec. 11_ _ _ 9.'777.000 587.454.000 597,231.000 591,542,750 5,688.250
9,957.000 592,308.000 602.265,000 596.419,700 5,845,300
Total Dec. 4
10.026,000 584,914,000 594,940,000 585337.530 9,092,470
Total Nov. 27
•Not members of Federal Reserve Bank
b This is the reserve required on net demand deposits In the ease f State bank.
and trust companies, but in the ease of members of the Federal Reserve Ban)
Includes also amount of reserve required on net time deposits. which was BS followDec. 18. $17,517,870; Dec. 11, $17,445,450; Dec. 4, $17388,630; Nov. 27, 516,953,480; Nov. 20, $16,775,439.
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
members Federal
Reserve banks
State banks*
Trust companies*_ _ _
3291
THE CHRONICLE
bEc. 251926.]
7,327.000
2,786,000
Total
Reserve.
a
Reserve
Required
CLEARING
NON-MEMBERS Capital.
Week Ending
Dec. 18 1926.
Members of
Fed'I Reeve Bank.
Grace Nat Bank___
10,113.000 578,982,000 589,095.000 594,131,920 -5,036,920
Total Dec. 18_ _
9,584,000 590.408.000 805,992.000 592,333.520 13,658,480
Total Dec. 11
Total Dec. 4__._ 9.529.000 541,103,000 550,632,000 595,633,170 -45,001,170
Total Nov. 27..,.. 10.405.000 594.979,000 605.384.000 587.353.310 18.030.690
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank Included also amount of reserve required on net time deposits, which was as follows:
Dec. 18, $17,461,380; Dec. 11, $17,545,260; Dec. 4, $17,322,690; Nov. 27, $17,396,280; Nov. 20, $16,758,960.
Average. Average. Average Average.
$
1
S
3,549
8.150
1,167
68
$
1,000
1,883
14,642
Total
State Banks,
Not Members of the
Federal Reserve Bank.
Bank of Wash. Ms_
Colonial Bank
1,000
1,883
14,642
68
1,167
40
1,20
1,028
3,305
10,1931
33.395
906
3,595
407
1,670
6,83
27.87:
2.969
5,432
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr., Bayonn
1.600
4,334
43,588
4,501
2,077
34,71
8,401
500
610
9,087
402
191
3,821
500
610
9,087,
402
191,
3,821
3,1
Grand aggregate__ _
Comparison with Dr ev. week
6,828
67,317
-781
4,971
-85
Surplus
Reserve.
$
568.291,000 568,291,000 574,291,810 -6,000810
763,540
5,109,000 12,436.000 11,672,460
200,350
5,582,000 8,368.000 8,167,650
Reserve
Net
with I Net
Cash
Time
Legal Demon
in
Vault. Deport- Deposits.• posits.
tortes. I
Loans,
Discounts,
Net
Profits. Investments,
etc.
Total
3,549
8,1
3,435 a46,68
-123 -1,06
5,785
5,785
17.735
-7
17,742
3,558 a47.7
5,058
6,828 68,098
3,100
Gr'd aggr., Dec. 11
17,839
3.414 a45,89
4,902
3,100
6,828 66,419
Gr'd aggr., Dec. 4
17,889
3,396 a47,10
5,093
6,717 67,682
3,10
Gr'd aggr., Nov. 27
18,261
3.519 a47.4
4,891
6,717 67,806
3,100
Gr'd aggr., Nov.20
a United States deposits deducted, $18,000.
Bills payable, rediscounts. acceptances, and other liabilities, $3,781,000.
Excess reserve, $42,380 decrease.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
for a series of weeks:
State Banks and Trust Companies Not in Clearing Clearing House weekly statement
House.-The State Banking Department reports weekly
BOSTON CLEARING HOUSE MEMBERS.
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
Dec. 8
Dee. 15
Changes from
Dec. 22
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
"Wu Purniehed er State Banking Department.)
Differences from
Previous Week.
Dec. 18.
$1,237,956,100 Inc. $2,927,800
Loam and investments
433,000
5,142,500 Inc.
Gold
27,393,200 Inc. 1,814,200
Currency notes
102,668,600 Inc. 4,620,800
Deposits with Federal Reserve Bank of New York_
1,294,286,300 Inc. 20,372,400
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City,exchange,and U.S.deposits 1,218,279,600 Inc. 15,165,800
177,819,500 Inc. 8,157,300
Reserve in deposits
Percentage of reserves, 21.0%.
RESERVE.
-Trust Companies-State Banks$89,401,800 15.47%
•145,792,500 17.03%
Cash In vault
29,210,600 5.06%
Deposits in banks and trust cos_ _ _ _ 13,414,600 4.99%
1926.
Previous Week.
1926.
1926.
$
$
$
$
69,500,000
69,500,000
69,500,000 Unchanged
Capital
94,021.000
94.021,000
7,000
94,014,000 Dec
Surplus and profits_
Loans, dIse'ts dr invest_ 1,035,636,000 Inc. 4,877,000 1.030.759,000 1.029,429,000
Individual deposits_ _ _ _ 688,445.000 Dec. 3,073,000 691,518,000 680,573,000
134,995,000 Inc. 1,043,000 133,952.000 137,543.000
Due to banks
237,397,000 Dec. 262,000 237.659,000 238,109.000
Time deposits
9,639,000
10.923,000
18,612,000 Inc. 7,689,000
United States deposits_
27,801,000
31,183,000
30.230,000 Dec. 953,000
Exchanges for Cl'g H'se
79.021,006
82,352.000
823,000
83,175,000 Inc.
Due from other banks
80,634.000
80,898,000
78,917,000 Dec. 1,981.000
Res've in legal deposles
11,450,000
12,113,000
13,551,000 Inc. 1,438,100
Cash in bank
391.000
264.000
210.000
lr.4 non nee.
Armen.nancass In V' R Mr
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
$118,612,400 20.53%
$59,207,100 22.02%
Total
the close of business Dec. 22 1926 in
•Includes deposits with the Federal Reserve Bank of New York, which for the Bank of New York at
State banks and trust companies combined on Dec. 18 was $102,668,600.
comparison with the previous week and the corresponding
last year:
Banks and Trust Companies in New York City.-The date
Dec. 22 1926. Dec. 15 1926. Dec. 23 1925.
$
$
$
Resources-averages of the New York City Clearing House banks and
323,155,000 329,996,000
Agent
Reserve
Federal
with
Gold
trust companies combined with those for the State banks and Gold redemp. fund with U. S. Treasury- 263,059.000
9,528,000
13.200.000
16,618,000
trust companies in Greater New York City outside of the
Gold held exclusively asst.F.R.notes_ 279.677,000 336,355,000 339,524.000
Clearing House are as follows:
settlement fund with F. It. Board_ 254,594.000 166,052,000 276,419,000
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedAug. 21
Aug. 28
Sept. 4
Sept. 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Ott. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Demand
Deposits.
8
8
6,544,607,200 5,437,978,000
6,538,084,700 5,522,021,300
6,588.168,500 5,512,541,300
6.593306,900 5,589,556,300
6,625,391.700 5 07,019,600
6,616.162,700 5.576.966.700
6,683,007.800 5,662,751,200
6.668.046.700 5,660,177.400
6.617,799.100 5.628.365.000
6.559.420,600 5,542.973,000
6.553.253,200 5,539,644,900
6.615.890.200 5,562,041,000
6.553,162.800 5,511,751,000
6.570.297.600 5,551,891,300
6.599,992,200 5,556,678,300
6,689.295.600 5.716,914,900
6,667.713,300 5.586,288,800
6.664.332.100 5.630.977.600
Total Cash
in Vaults.
Reserve in
Depositaries.
8
80,536.800
82,328.600
83,086.700
87.287.200
85,257,300
83,168,800
84.153,500
85,684.200
89.206,200
84.862.600
86.186.300
86.272.300
87,381,300
84,480.000
864,684.000
76,615.500
88.536,500
96.557.700
5
709,242,000
708,699,500
105,865,300
713,794,700
725,144,400
718,452.500
733,798,400
730,174.600
719,799.100
722.780,700
717,062.800
723,552.60C
721.151.80C
724,021.00f
728.368,60(
734.203.70f
726,827.70(
738.2213M
Philadelphia Banks.Week Ended Dec.18 1926
Two Ciphers (00)
omitted.
Membersof Trust
F.R.System Companies
1926
Total.
456,775,000
450.142,000
322,976,000
Total gold reserves
Reserves other than gold
991,046,000
19,220.000
952,549,000
23,670,000
938.919,000
22,223,000
1,010,266,000 976,219,000 961,142,000
Total reserves
15,586,000
12,937,000
12,811,000
Non-reserve cash
Sills discounted84,640,000 185,265,000
Secured by U.S. Govt. obligations_ __ _ 146.971,000
42,921,000
15,389,000
27,273,000
Other bills discounted
174.244,000
113,618.000
100,029,000
109,189,000
228,186,000
42,958,000
1,752,000
16,832.000
44,875,000
1,322,000
9,588,000
202005,000
8,739,000
44,363,000
15,515,000
63,459.000
213,595,000
68,617,000
2,241,000
Total bills and securities (See Note)
351,321,000
422,813,000
342,002,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
650,000
185,558,000
16,740.000
919,000
650.000
222.881.000
16,740.000
927,000
642,000
171,089.000
17,285,000
3,445,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities
Foreign loans on gold
Total resources
Dec. 11
1926.
Dec. 4
1926,
849,975,0 85,000,0 354,975,0 $54,975,0 854,975,0
Capital
150,266,0 17,778,0 168,044,0 168,044,0 168.044.0
Surplus and profits
Loans, dIse'ts dr investmla 959,754,0 48,212,0 1007,966,0 1000,119.0 1002,491.0
533.0 39,742,0 34,506.0 40.825.0
Exchanges for Clear.House 39,209,0
112,771,0
15,0 112,786,0 96,144,0 107,385,0
Due from banks
131,510,0
857,0 132,367,0 129,343,0 133,317,0
Bank deposits
647,569,0 28,750.0 76,319,0 664.665,0 673,038,0
Individual deposits
158,492,0
2377,0 160,769,0 159,637.0 160,073,0
Time deposits
937,571.0 31,885,0 969,456,0 953,645,0 966,428,0
Total deposits
3,431,0
3,805,0
3,805,0
3.695,0
Res've with legal deposits.
69,420,0
69,420,0 70,232,0 69.973.0
Reserve with F. R.Bank
13,869.0
1,556,0 15,425,0 14.547,0 13,317,0
Cash In vault •
83,289,0
5,361,0 88,650,0 88,210,0 86.985,0
Total reserte 0,cash held
69.984:0
4.471,0 74,455.0 74,097,0 74,408,0
Reserve required
800.0 14,195.0 14.113,0 12,577,0
Excess rot Ar cash in vault 13.305,0
•Cash in vault not counted as reserve for Federal Reserve members.
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:
Gold
Gold and gold certificates held by bank
1,578,265,000 1.653,147,000 1,511.191,000
LtabilUfesFedi Reserve notes in actual circulation.. 421,548,000
Deposits-Member bank, reserve acc't_. 867,061.000
28,762.000
Government
1.002.000
Foreign bank (See Note)
7,888,000
Other deposits
403,856,000
946,4.57.000
933,000
2,891.000
11,239,000
391,203,000
866,607.000
12,185.000
2,737.000
8.142.000
904.713300
150,662,000
36,434.000
59,964,000
4,944,000
961,520,000
186,473,000
36,419,000
59,964.000
4,915,000
889,671,000
134,636,000
32,192,000
58,749,000
4,740,000
Total deposits
Deferred availability items
Capital paid In
Surplue
All other llabllities
Total liabilities
1,578,265,000 1,653,147,000 1,511,191,000
Ratio of total reserves to deposit and
76.2%
71.5%
75.0
Fed'i Reeve note liabilities combined_
Contingent liability on bills purchased
13,639,000
15,107.000
16,005,000
for foreign correspondence
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," pre.
viously made 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
the Federal Reserve Act, which,It was stated,are the only itemsincluded therein.
3292
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. 23,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
latest week appears on page 3246, 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 22 1926.
Dec. 22 1926. Dec. 15 1926. Dec. 8 1926. Dec. .1 1926. Nov. 24 1926. Nov. 17 1926. Nov. 101926.
Nov. 3 1926. Dec. 23 1925.
RESOURCES.
$
$
$
.3
8
$
5
$
$
Gold with Federal Reserve agents
1,376,776,000 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
1,327,438,000
Gold redemption fund with U.S.Treas.
65,407,000
56.229,000
68.314,000
59.599,000
54,844,000
58,396.000
62,770,000
61.931.000
49,343,000
Gold held exclusively agst.P.R.notes 1,442,183,000 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
Gold settlement fund with F.R.Board
657,023,000 622,656,000 731,402,000 739.979.000 696,966,000 709,237,000 744,647,000 789,574,000 1,376,781,000
729,256,000
Ciold and gold certificates held by banks. 704.074,000 7113.480,000 690,338,000 687,701,000 682,782,000 685,518,000
646,672,000 - 617,997,000 559,259,000
Total gold reserves
2,830,717,000
2,803,280,000
2,828,393,000 2,829,625,000 2,829.730,000 2,851.089,000 2,841,755,000 2.807,274,000
Reserves other than gold
106,985,000 121.331.000 121,060,000 126,526,000 128,201,000 133.623,000 128,129,000 127,411.000 2,665,296,000
91,983,000
Total reserves
2,910,265,000 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
2,757,279.000
Non-reserve cash
51,007,000
48,920,000
47,073,000
49,116,000
47,236,000
56,379,000
53,740,000
46,957,000
42,783,000
Bills discounted:
Secured by U. S. Govt. obligations_ 422,397,000 321,981.000 348,334.000 351,060,000 335.499,000 288,198,000
287.369,000 347.003.000 441,479,000
Other bills discounted
293.027,000 240.326,000 256,392,000 294,416,000 292,105,000 278,789,000 294,044,000 328.895,000 322,644,000
Total bills discounted
715,424,000 562,307,000 604,726,000 645,476,000 627,604.000 566,987,000 581,413,000 675,898,000 764,123,000
Sills bought in open market
387,593,000 384,125,000 390,989,000 368.163,000 340,629,000 347,882,000 339,901.000 332,098.000 369,951,000
U. B. Government securities:
Bonds
46,428,000
66,436,000
46.858,000
48,021,000
45.668.000
47,630,000
47,211,000
46,482,000
65,839,000
82.216.000 118,214,000 112.912,000 112.583,000 113,544,000 113,003,000
Treasury notes
89,844,000
136.416.000 190,037,000
Certificates of Indebtedness
177,704,000 349,595,000 148,933,000 144,975,000 141.653,000 146,956,000 140,882,000 118,719,000 103,631,000
--Total U. S. Government securities
314,406,000 478,239,000 323.583.000 305,908,000 299,904,000 308,130,000 300,367,000 302.346,000 359,507,000
2,564,000
Other securities (see note)
2,596,000
2,563,000
2,564,000
2,544,000
2,534,000
3,205,000
2.500.000
2,500,000
Foreign loans on gold
8,300,000
Total bills and securities (see note)...-- 1,420,019,000 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 1,505,086.000
Due from foreign banks (see note)
650,000
651,000
650,000
652,000
651,000
651,000
650.000
650,000
642,000
Uncollected items
785,171,000 894,699,000 669,517,000 729,046,000 694.469,000 854,986,000
704,567,000 695,976,000 766,088.000
60.148,000
Bank premises
60,1.5,000
60,271,000
60,106,000
60,093,000
60,084.000
60,051,000
60,051,000
61,629,000
411 other resources
13.919,000
15,710,000
13,154.000
15,339,000
14,924,000
14,772,000
13,961,000
18,006,000
14,161,000
Total resources
5 236,603,000 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 5,151,513,000
LIABILITIES.
F. R. notes in actual circulation
1,913,960.000 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 1,895.663,000
DepositsMember banks-reserve account
2,218,095,000 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 2,219,373,000
Government
6,170.000
67,848,000
25,798,000
35,689,000
28,118,000
29,226,000
17,867,000
32,932,000
29,120,000
Foreign banks (see note)
6.204,000
13,459,000
6,506,000
14,065,000
13,883,000
12,973,000
12,186,000
7,956,000
9.938,000
Other deposits
16,513,000
26,223,000
18.361,000
17,441,000
17,904.000
20,713,000
23,976,000
19,166,000
18.413,000
Total deposits
Deferred availability items
Capital paid in
Surplus
411 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
Distribution Si, Maturities-1-15 day bills bought in Open market
1-16 days bills discounted
1-15 days U. S. certif. of indebtednese1-15 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
51-60 days bills bought In open market..
81-60 days bills discounted
51-60 days U. S. certif. of indebtedness81-60 days municipal warrants
51-90 days bills bought in open market_
51-90 days bills discounted
51-90 days U. S. certif. of indebtednees51-90 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
2,307,962,000 2.392.480.000 2.288.589,000 2,324,360.000 2,262,311,000 2,301,120.000 2,264.869,000 2,276.419,000 2,275,615,000
644,012.000 797,018,000 604,185,000 667,987,000 641,028,000 777,322,000 643.311,000 665,233,000 625,263,000
124,763,000 124,752,000 124,734,000 124,462,000 124,441,000 124,906,000 124.885,000 124,379.000
116,978,000
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
25,596.000
24,632,000
23,776,000
23,841.000
23,178,000
23,351,000
23,071,000
20,157,000
5,236,603,000 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
5,151,513,000
67.2%
66.9%
69.1%
69.1%
70.1%
70.4%
70.7%
69.6%
63.1%
68.9%
69.7%
72.1%
72.2%
73.3%
73.7%
74.0%
72.8%
66.1%
52,437,000
50,491,000
48,837,000
48,889,000
48,887,000
49,177.000
46,093,000
40.344,000
58,739,000
$
157,087.000
583,639,000
100,000
$
142,583.000
446.952,000
183,000,000
$
150,949,000
483.009,000
32,041,000
$
141,706,000
515,094.000
45,494.000
$
114,422,000
494,608.000
600,000
$
118,061,000
434,547.000
5,751.000
$
100,826.000
445,279,000
i
105,231.000
532.567.000
124,000
$
111,320,000
613,605,000
904,000
80,459.000
37,193,000
77,340,000
39,153.000
72,986,000
37,705.000
65.051.000
40,005,000
69,899,000
41,032,000
49,217,000
67,686.000
41,464,000
49,223,000
67,019,000
41,394,000
86,234.000
40,829,000
96,000
86,642,000
52,688,000
70,252,000
45,403,000
107,000
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
67,044,000
63,000
54,301,000
26,172,000
64.000
47,883,000
28,088.000
44,000
64.270,000
27,464.000
84,738,000
61,189.000
44,084,000
56,469,000
33,150,000
20,000
64,000
59.468,000
26,096.000
1,000
90,048,000
55,466,000
48,921,000
34.000
63,310.101
25,867.111
69,254,000
26.544,000
64.329,000
32,864,000
67,643,000
37,755,000
6,936.000
8,754,000
177,584,000
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
11,735,000
10,772,000
102,727,000
er--
55,000
93.019,000
61,162,000
r. R. notes received from Comptroller-- 3,022,190.000 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 2,972,910,000
F. R. notes held by F. R. Agent
755,030,000 805,711,000 795,801.000 824,007,000 851,260.000 866,761,000 856,221.000
875,780,000 773,143,000
2,267,160,000 2,188,375,000 2.157,542,000 2.115.402,000 2,090,773,000 2,087,229,000
Issued to Federal Reserve Banks
2,083,912,000 2.060,346,000 2,199,767,000
How SecuredBy gold and gold certificates
6old redemption futid
)old fund-Federal Reserve Board
By eligible Pacer
306,151,000 306,274.000
111,978,000 104.828,000
958,647,000 1,024,250,000
1,066,858,000 919.193,000
306.453,000
109,610.000
932,276,000
975,741,000
306,453.000
101.627.000
934.266.000
988,404,000
306,452,000
101,684,1100
987,002,000
939,544.000
307,554,000
100.101.000
990,283,000
891,338,000
307,214,000
101,017.000
979,435.000
884.836,000
307.413.000 302,046,000
92,990,000 101,359.000
937.369,000 924,033.000
958.606,000 1,072,785,000
2443i134.000 2.354.545.000 2.324,080.000 2,330,750.000 2.334,682.000 2,289.276.000 2.272 A112 OM 9 905 275 non 1 ASS 551
MO
NOTE.-Beginning with the statement of Oct. 7 1925. two new items were added In order o show separately the amount of balances
held abroad and amounts due
to foreign correspondents. In addition, the caption, -All other earning assets," previous,ly made up of Foreign Intermediate Credit Bank debentures,
was changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities.' The latter item was adopted as a more accurate
description of the total of
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.
Postal
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
Two ciphers (00) milled.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. tifinneap.Ian.City
B00011. New York.
Federal Rowse Ban* of-$
$
$
$
8
RESOURCES.
$
$
$
$
$
Gem with Federal Reserve Agents 143.210,0 263,059,0 105,637,0 151,573,0 71,708,0 133,875,0 148,443,0 19,282,0 58,764,0
60,415.0
16,618,0 12,029,0 5,567,0 1,311,0 3,520,0 9,776,0
Dold redo fund with U.S. Treas. 5,415,0
841.0 2,107,0 3,297,0
Gold held excl. Rest. F.R. notes 148,625,0 279,677,0 117.666,0 157,140,0 73,019,0 137,395,0 158,219.0 20,123,0 60,871,0 63.442,0
(Mid eettle't fund with F.R.Board 14,233.0 254.594.0 49,469,0 45,289,0 22,172,0 27,413,0 132,752,0 23,146,0 18,388.0 28,193,0
Gold and gold certificates
33,999.0 456,775.0 26,872,0 44,835,0 10,662,0 3,659,0 56,886,0 11,856.0 6.662,0 5,461.0
Total gold reserves
196,857,0 991,046,0 194,007,0 247,264,0 105,853,0 168.467,0 347,857,0 55,125,0 85,921,0 97,096,0
19,220,0 3,869,0 6,886,0 4,499,0 8,138,0 17,665,0 12,108,0 3,247,0 4,433,0
Reserves other than gold
13,678,0
Total reserves
210,535,0 1,010,266,0 197,876,0 254,150,0 110,352,0 176,605.0 365,522,0 67,233,0 89,168,0 101,529,0
12,811,0 . 840,0 2,490,0 2,585,0 3,056,0 7,512,0 2,945,0
Non-reserve cash
7.314,0
925,0 2,095,0
Bills discounted:
See. by U. S. Govt. obligations 34,049,0 146,971.0 42,407.0 63,767,0 8.592.0 2,958,0 75,350,0 17,806,0 1,679.0 4,199,0
335,977,0
20,869,0
Other bills discounted
19,982,0
27,273,0
23,501,0
42,138,0 48,017.0 25.668.0 3.600,0 7,476.0
Total bills discounted
57,550,0 174,244,0 62,389,0 99,744,0 29,461,0 45,096,0 123,367,0 43,474,0 5,279.0 11,675,0
Bills bought in open market
38,367,0 113,618.0 24,576,0 36,184,0 12,915,0 23,091,0 49,884.0 7,931,0 13,276,0 19,726,0
Q. S. Government securities:
Bends
1.752,0
585,0 1,167,0 1.191,0
276,0 19,963,0 2,010,0 7,668,0 8,589.0
529,0
Treasury notes
1,894,0
16,832.0 15,266,0 17,939,0 1,108,0 1.534,0 5,821,0 6,632,0 1,620,0 3,694,0
Certificates of Indebtedness
44,875,0 4,226.0 16,636,0 4,936,0
20,0 22,674,0 12,002.0 7,673,0 16,131.0
7,438,0
Total IT. ft. Govt.. vevorf ties.
9,861,0
63,459,0 20.077.0 35,742,0 7,235,0 1.830,0 48,458,0 20.644,0 16,761,0 28,414.0
OF BUSINESS DEC.22 1926.
Dallas. &minus.
Total.
$
$
$
37,557,0 183,523,0 1,376,776,0
2.210.0 2,716.0
65,407,0
39,767,0 186,239,0 1,442.183,0
21,251.0 20,123,0 657,023,0
8,463.0 37,944.0 704,074,0
69,481,0 244,306,0 2,803,280,0
7,854,0 5,388,0 106,985,0
77,335,0 249.654,02,910.265.0
1,629,0 2,871.0
47.073,0
3,485,0 21,1340
5,423,0 33,103,0
422,397,0
293,027,0
8,908,0 54,237,0
15.299,0 32,726,0
715,424,0
387,593,0
3,141,0
87.0
3,355,0 14,149,0
15,672,0 25,521,0
46,858,0
89,844,0
177.704,0
22,168,0 39.757.0
314,406,0
DEC. 25 1926.]
RESOURCES (Corseludect)Two Ciphers (00) omitted.
Boston.
Other securities
3
$
2,000,0
-105,778,0
66,876,0
4,068,0
178,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnneap. Kan. City Dallas. San Fran.
Phila.
New York.
$
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
3293
THE CHRONICLE
$
$
$
$
3
596,0
$
$
Total.
$
s
$
2,596,0
351,321,0 109,042,0 171,670,0 49,611,0 70,017,0 221,709,0 72,049,0 35,912,0 59,815,0 46,375,0 126,720.0 1,420,019.0
650,0
650,0
185,558,0 69,308,0 78,745,0 67,080,0 34,101,0 106,546,0 35,757,0 15,687,0 48,369,0 27,315.0 49,829,0 785,171,0
60,271,0
16,740,0 1,700,0 7,409,0 2,364,0 3,017,0 7,935,0 4,111,0 2,940,0 4,668.0 1.796,0 3,523,0
371,0 2,742,0
13.154,0
799,0 2,275,0
563,0
581,0 1,006,0 2,545,0
919,0
291,0
884,0
Total resources
394,749,0 1,578,265,0 379,057,0 515,348,0 232,573,0 287,802,0 711,769,0 182,894,0 146,907,0 217,039,0 154.821,0 435,379,0 5,236,603,0
LIABILITIES,
F. R. notes in actual circulation_ 161,603,0 421,548,0 146,039,0 235,614,0 90,254,0 170,197,0 253,754,0 48.593,0 69,210,0 74,042,0 50,791,0 192,315,0 1,913,960,0
Deposita:
Member bank-reserve acc't 140,495,0 867,061,0 131,657,0 175,513,0 62,069,0 65,962,0 327,098,0 82,096,0 50,440,0 89.999,0 59,451,0 166,254,0 2,218,095,0
67,848,0
Government
6,406,0
28,762,0 5,818,0 3,524,0 2,827,0 6,778,0 2,633,0 1,824,0 1,899,0 1,406,0 3,588,0 2,383,0
428,0
5,506,0
Foreign bank
267,0
199,0
242,0
217,0
471,0
248,0
850,0
1,002,0
664.0
329,0
589.0
Other deposits
16,513,0
199.0
232,0
31,0 5,357,0
878,0
315,0
228,0
7,888,0
85,0
112,0
133,0 1,055,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
147,600,0
58,478,0
8,800,0
17.020,0
1,248,0
904,713,0
150,662,0
36,434,0
59,964,0
4,944,0
138,197,0
60,409,0
12,605,0
20,464,0
1,343,0
180.756,0 65,310,0 73,100.0 331,459,0 84,502,0 52,737,0 91,879,0 63,287,0 174,422,0 2,307,962,0
59,988,0 57,494,0 29,042,0 75,438,0 33,420,0 12,989,0 36,669,0 27,678,0 41,745,0 644,012.0
13,618,0 6,097,0 5,022,0 16,677,0 5,297,0 3,071,0 4,185,0 4.301,0 8,656,0 124,763,0
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
25,596,0
2,478,0 1,499,0 1,741,0 3,828,0 1,512,0 1,399,0 1,285,0 1,149,0 3,170,0
Total liabllities
394,749,0 1,578,265,0 379.057,0 515.348,0 232,573.0 287,802,0 711,769,0 182,894,0 146,907,0 217,039,0 154,821,0 435,379,0 5,236,603,0
Memoranda.
Reserve ratio (per cent)
61.2
67.8
68.1
68.9
73.1
68.1
69.6
50.5
76.2
61.0
72.6
62.5
70.9
Contingent liability on bills purchased for foreign correspond•ts 4,062.0
52,437,0
13,639,0 5,077,0 5,718,0 2,832,0 2,138,0 7,322,0 2,298,0 1,710,0 2,084,0 1,870,0 3,687,0
F. R. notes on hand (notes reed
from F. R. Agent less noted in
circulation)
55.594,0
96,145,0 28,998,0 19,511.0 13.498.0 30.900.0 38,375,0 4,939,0 4.198.0 13,030.0 7.700,0 40.312.0 353,200.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS DEC. 22 1926
Federal Reserve Agent at-
Boston. New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. CUy Dallas. San Fran.
Total.
(Two Ciphers (00) omitted.)
5
f.R.notes reed from Comptroller 259,097,0
f.R.notee held by F. R. Agent__ 41,900,0
$
$
3
$
3
$
$
$
5
8
8
5
799,773.0 206,237,0 285,565,0 127,331,0 258,212,0 455,546.0 73,012,0 87,870,0 114,482,0 73,438,0 281,627,0 3.022,190,0
282,080,0 31,200,0 30,440,0 23,579,0 57,115,0 163,417,0 19,480,0 14,462,0 27,410,0 14,947,0 49,000,0 755,030,0
F.R.notee issued to F. R.Bank 217,197,0
Collateral held as security for
F. R.notes issued to F.R.Bk.
Gold and gold certificates_ 35,300,0
Gold redemption fund
18,910,0
Gold fund-F.R.Board
89,000.0
Eligible paper
95,917,0
517,693,0 175,037,0 255,125,0 103,752,0 201,097,0 292,129,0 53,532,0 73,408,0 87,072,0 58,491,0 232,627,0 2,267,160.0
Total collateral
239,127,0
18,343,0
7,495,0 13,507,0
168,698,0
8,780,0 28,805,0 15,223,0
23,361,0 11,660,0 12,793,0 4,903,0 6,652,0 2,798,0 1,487,0 1,257,0 5,285,0 4,214,0
71,000,0 93,077,0 130,000,0 38,000,0 112,000,0 145,645,0 10,300,0 44,000,0 54,860,0 15,000,0
268,114,0 75,614,0 133,095,0 41,484,0 68,103,0 172,959,0 51,357,0 18,229,0 31,265,0 24,160.0
10,000,0 306,151,0
18,658,0 111.978,0
154,865,0 958,647,0
86,556,0 1,066,858.0
531,173,0 181,251,0 284,668.0 113,192,0 201.983,0 321.402,0 70,639,0 76,993,0 91,410,0 61.717,0 270,079,0 2.443,634.0
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 689 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 figure.
for the latest week appears in our Department of "Current Events and Discussions," on page 3246
I. Data for all reporting member banks in each Federal Reserve District at close of business DECEMBZR 15 1926. (Three ciphers (600) omitted.)
Federal Reserve District.
Barton. New York
Humber of reporting banks
Loans and discounts. groat:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
AU other loans and discount,
38
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minficap. %as. City Dallas. San Fran.
66
47
Total.
689
8
$
141,127
6,078
320,651 5.474.193
971,997 8,763,875
65
75
68
$
$
8,354
46,066
350,295 2.220,159
643,033 2,893,828
$
10,434
433,363
379,290
$
21,565
552,057
791,102
$
4,659
150,265
357,223
$
s
19,344
5,644
111,764 887,496
406,584 1,280,301
5
6,441
195,663
315,762
3.382
68,940
178,119
4,638
110,549
304,442
4.522
72,991
242.194
823,087 1,364,724
512,147
523,992 2,187,141
517.866
250,441
419,629
319,707 1,298,726 14,379.195
61,889
120,006
63,974
46.728
98,989
94,647
65.715
67,475
89.635
267,305
271.515
366,611
356.940
638,126
133,190
Total loans and Investments
1.400,065 7,292,472 1.180,027 2,002,850
Reeerve balancee with F.R. Bank
81,096 130,994
100,167 828,834
Cash in vault
38,708
20,503
89,264
24,583
Net demand deposits
913,875 5,728,780 777,940 1,028,406
Time deposits
427,989 1,344,649 244,760 811,247
Government deposits
13,139
22,724
49,160
17,706
Sills Day. dt redis. with F. R. Bk.:
Secured by U.S.Gov't obligations
40,850
15,735
64,571
19,025
All other
24,981
6,627
7,479
5,409
645,337
42,735
15,731
380,434
207,600
4,537
398,383 2,132.419
Total borrowings from F.R.Ilank
Bankers'balances of reporting member banks in F. R. Bank cities:
Due to banks
Due from banks
24
50
Total loans and discounts
1,001,682 5,160,053
Investments:
U. 8. Government securities
140,885 954.620
Other bonds. stocks and securities 257.498 1.177,799
Total Investment.
31
92
35
98
s
$
39,268
59,551
304,857
452,958
98,819
757,815
181.895
110,702
193,636
622,811 2.944,956
40,207 252,350
61,351
11,536
340,666 1,816,274
224,208 1,060,681
17,017
9,793
699,761
48,823
9,215
417,153
211,434
3,884
361,143
27,526
5,788
220,657
126,473
869
613,265
58,823
12,454
491,351
145,421
2,322
$
50,871
25,089
249.259 2,391,477
226.196 3,161,863
75,960
475,455 5,553,340
395,667 1,774,181
33,197 114,199
10,287
24,685
280,416 818,186
100,181 877,758
5,665
16,539
3,221
9,988
3,665
22,217
49,253
17,881
9,416
14,419
100
600
4,988
5,363
2,276
3,447
21,628
11,514
234,728
129,925
33,142
364,653
69,980
22,362
65,831
13,209
25,882
67,134
23,835
700
10,351
5,723
132,714 1,187,530
39,916
98,644
166,393
61,066
45,585
24,473
33,341
18.636
18,251
12,469
346,396
160.370
81,690
28.383
51,872
24,473
96.570
45,355
32,495
28,509
26,504
19,932,535
1,758,951
324,045
13,214,138
5,782,401
163.355
108,652 2,301.439
59,991
602.285
3. Data of reporting member banks in New York City, Chicago, and for the whole country.
All Reporting Member Banks.
Dec. 15 1926,
Dec. 8 1926.
Reporting Member Banka in N. F. City.
Reporting Member Botts OS Chicago
Dec. 16 1925. Dec. 15 1926. Dec. 8 1926. Dec. 16 1925 Dec. 15 1926. Dec. 8 1926. Dec. 16 1925.
Number of reporting banks
690
689
721
54
55
61
Loans and discounts. gross:
$
$
$
$
$
$
Secured by U.S. Gov't obligations
141,127.000
137.614,000
168,415,000
43,229,000
42,451,000
51,699.000
Secured by stocks and bonds
5,474,103,000 5,400,034,000 5,511,818.000 1,926,508,000 1.885.282,000 2,168,111,000
All other loans and discounts
8,763,875.000 8.803,889,000 8,388.733,000 2,546,356,000 2,583,548,000 2.277,536,000
45
$
13,701,000
668,492,000
714,940,000
45
$
12,546,000
662,751,000
724,822,000
46
$
18,598,000
639,590,000
686,393,000
Total loans and dlecounts
14.379,195.000 14,341.537,000 14,068,966,000 4,516,093.000 4,511,281,000 4.497.346,000 1,397,133,000 1,400.119,000 1,344,581,000
investments
U.S. Government securities
2,391,477,000 2,398,029,000 2.621,303,000 858,908.000 885.153.000 951,796.000 163,498,000 157,860,000 178.630,000
Other bonds, stocks and securities_ 3,161,863,000 3.133,326,000 2,891,090,000 866,178,000 861,862,000 790,707,000 211.232,000 204,818,000 192,012,000
.
Totalinveetm ants
5,553,340,000 5,531,355,000 5,512,393,000 1,725,086,000 1.747,015,000 1,742,503,000 374,730,000 362,678,000 370,642.000
Total loans and investments
Reserve balances with F.R. Banks
Cash in vault
Net demand deposits
Time deposits
Government depoalts
Bills payable and rediscounts with
it, Federal Reserve Banks:
Secured by U.S. Gov't obllgations
All other
Total borrowings from F. R. bks
19,932,535.000
1,758,951,000
324,045,000
13,214,138,000
5,782,401,000
163,355,000
19,872,892,000 19,581,359,000 6,241,179,000 6,258,296,000 6,239,849,000 1,771,863,000 1.762,797,000 1,715.223,000
1,660,056,000 1.690,215,000 768,479,000 714,186,000 703,507,000 177,478,000 164,596,000 179,184,000
312,265,000
326.694,000
72,305,000
67,917,000
78,697,000
23,169,000
26,366,000
25,370,000
12,924,329,000 13,261,037,000 5,147,735,000 4,973,816,000 5,189.044,000 1,222,649,000 1,218,736,000 1,174,229,000
5,779,969,000 5,284,937,000 904,703,000 907,594,000 781,093,000 521,294,000 516,295,000 503,519,000
73,873,000
257,581,000
45,326,000
5,397,000
15.427,000
19,684,000
63,401,000
8,562,000
234,728,000
129,925,000
259,052,000
150,504,000
246,938,000
172,566,000
46,750,000
3,100,000
95,450,000
22,059,000
41,965,000
27,869,000
20,235,000
4,528,000
10,099,000
2,622,000
24,485,000
17,864,000
364,653,000
409,556,000
419,504,000
49,850,000
117,509,000
69.834,000
24,763,000
12,721,000
42,349,000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks In New York City:
For own account
825,465,000 813,368,000
For account of out-of-town banks
1,074.765,000 1,062,969,000
For account of others
792,220,000 762.191,000
Total
On demand
On time
*Revised figures
2,692,450,000 2.638,528,000
1,096,696,000 1,956,124,000
695.754,000 682,404,000
3294
THE CHRONICLE
Vaniters'
[VoL. 123.
New York City Realty and Surety Companies.
antic
Bid.
Alliance It'Ity 45
Amer Surety_ :193
Bond ,k M CI_ 330
Lawyers Mtge 274
Lawyers Title
& Guarantee z291
AU prices dollars per share.
Ask.
Bid
Ask
Bid. As*.
52 Mtge Bond..:145 I 155 Realty Assoc
197 Nat Surety _ _ :238 242
(Bklyn)corn 230 235
335 N Y Title dr
1st pref.... 92
95
278
Mortgage__:426 430
26 pref.. _
91
88
US Casualty_ 320 330 Westchester
295
Title & Tr_ 300 550
Wall Street, Friday Night, Dec. 24 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3278.
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.
pages which follow:
STOCKS.
Week Ended Dec. 24.
Saks
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Maturity.
Int.
Rate.
Bid.
Mar.15 1927___ 4,1% 100'n
June 15 1927... 859% 100,t2
Asked.
Ctfs. of Indebtedness, &c.
Maturity.
1,11.
1 Rats.
Bid.
Asked.
10A"st Sept. 15 1927_ 331% 100
100'as
100'st Dec. 15 1927_ 454% 101% 101.13
Railroads.
Per.Share
per share. 3 per share. $ per share.8 per share.
Atlantic Coast Line Rts_ 13,900 17% Dec 18 18% Dec 20 153. Dec 18% Nov
Buff Koch & Pitts pt.100
100 101 Dec 24101
Dec 24 92
Mar 101
Dec
United States Liberty. Loan Bonds and Treasury
Buff & Susquehanna 100
100 41 Dec 24 41
Dec 24 35
Oct 65
Feb
Chicago & Alton ctls_100 3,400 4% Dec 24 43,‘ Dec 24 4% Dec 10
Feb Certificates on the New York Stock Exchange.-Beiow
Preferred ctfs
100
750 7 Dec 24 7 Dec 24 7
Dec 7
Dec
we furnish a daily record of the transactions in Liberty Loan
Consol RR of Cuba pf100 1,600 70 Dec 21 71 Dec 20 6951 Nov 7234 Dec
Havana Elec Ry
* 1,30 30% Dec 24 31% Dec 23 30
Dec 3135 Dec bonds and Treasury certificates on the New York Stock
Morris & Essex
50
30 81 Dec 21 81
Dec 21 79% Jan 83
July
N Y & Harlem
50 705 178 Dec 22184 Dec 23 170% Nov 205
Jan Exchange. The transactions in registered bonds are given
N Y Rys Inv 2d ctf spd_•
41 145 Dec 18145% Dec 18 108
July 150
Dec
Reading Rights
21,300 isg Dec 20 2134 Dec 24 16% Mar 2246 Feb in a footnote at the end of the tabulation.
Southern Ry Rights__ 36,8001 1-16 Dec 23 134 Dec 18
X Oct 134 Dec
Industrial & Misc.
Amalgamated Leather_• 1,200 16 Dec 21 17 Dec 22 14% Oct 21
Sept Daily Record of U. S. Bond Prices. Dec.18. Dec.23 Dec.21. Dec.22. Dec.23 Dec.24.
Preferred
100 200105% Dec 20105% Dec 20 102
July 113
Sept
High 101
101322 101322 101,32 101'n 100"st
Am-La Fr F E 7% pf 100
100 9734 Dec 22 9734 Dec 221 95
Oct 103
May First Liberty Loan
101
Am Radiator pref.- _ 100
354% bonds of 1932-47_ Low_ 100"a: 101
100"as 100"a2 100"as
100133X Dec 22133% Dec 22:129
Feb 133% Dec
101
101
101
(First
354s)
Close
101,i, 100"ss 100"ss
American Snuff pref_100
100 96% Dec 22 96% Dec 21 95X Dec 100 June
47
244
195
Total sales in $1,000 units__
167
30
146
Am Typefounders pf _100
ec
108% Dec 21 102% Aug 108% Dec
200108% Dec
Converted 4% bonds of_IHigh
- - ----- 1001,11
Barnet Leather
* 200 44% Dec 22 4434 Dee 22 40
May 57% Feb
1932-47 (First IQ_ __ Low_
- ------ 1001,32
Bayuk Bros lot pref_100
May 101% Dec
100101% Dee 20 101% Dec 23 98
Bon Amlclass A
4,800 55% Dec 23 5834 Dec 23 55% Dec 56% Dec
Total sales in 31,000 units _ __
--- --Canada Dry Ging Ale_ _* 2,700 36% Dec 24 38% Dec 20 32% Oct 49
Sept
Converted 434% bondrigh 102"al 102"32 102"22 101"a2 10-2-422 10-2
;
1
Central Alloy Steel_ _ _ _* 1,200 29% Dec 23 30% Dec 18 28% Oct 3334 Aug
of 1932-47 (First 4Xs) Low_ 1022•32 1022.31 102,532 102,222 102"22 10211,2
Central Leather cUs_100 1,400 7 Dec 21 7% Dec 20 7 • Dec 8X Nov
Clow' 102"s2 102"32 1028532 102"32 102"ss 102"n
Cent Leather pf ctfs_100 2,
51% Dec 21 5334 Dec 23 50
Nov 53% Nov
Total sales In $1,000 units_ __
9
35
57
- 12
5
19
City Investing Co_ _ _100
100 25 Dec 20 125 Dee 20 125
Dec 125
Dec
Second Converted 44% Illgb
----------___
--__
Columbia Gas& El new•12,700 9751 Dec 18 89% Dec 22 85% Nov 91
---Dec
bonds of 1932-47 (First Low_
---_
_....--__
__ __
____
_._ _
Preferred new A _ _ _100 2,300 101
Dec 18101% Dec 18 98% Nov 101% Nov
Second 494a
Rights
61,300 2% Dec 18 3% Dec 22 2% Dec 3% Dec
Total sales in 31,000 units_-------------Continental Baking el A5 25,500 60 Dec 22 67 Dec 18 50% Oct 93% Aug
High
-- --- -Class B
•25,200 834 Dec 22 9 Dec 18 7% Oct 15% Sept Second Liberty Loan
-__--- -- ---Preferred
100 2,700 88% Dec 22 93 Dec 18 87
Oct 96% Aug
(Second 48)
Crown Wmtte 1st pref _• 100 9734 Dec 20 9734 Dec 20 9734 Dec 98% Oct
Total sales in 31,000 units_--- -Detroit Edison Rts
- ---- ---- 3,400 334 Dec 18 394 Dec 18 335 Nov 3% Dec
-Converted 4II% bondsrigh 101
101
- lit 101"si 10",, III",, 11110"ss
-Devoe & Reynolds 1st
of 1927-42 (second
Low_ 100832 100"12 100"s2 100"al 100"32 100"ss
prof
100 05 Dec 20 105 Dec 20 99
-150
Mar 109
Jan
(Close 10031ss 100"it 100,,ss 100"st 100"32 100"ss
Elk Horn Coal Corp_ _ _• 200 10% Dec 24 11% Dec 18 8% June 16% Oct
4345)
87
71
Total sales in $1,000 units__
233
208
186
13
Emerson Brantingham
111912 101"a2 101"ss 10114,2 1011432 10111,2 101"st
100 1
certificates
Dec 20 1
100
Dec 20
35 Dec 2% Aug Third Liberty Loan
Low_ 101"as 101"ss 101"aa 101"12 101'as 101"ss
Emerson-Brant el A._
300 rig Dec 24 8% Dec 24 8% Dec 8% Dec
4)4 °! bonds of 1928
Close 101"a2 101"s2 101"as 101".2 101"as 101"st
Engineers Pub Service_* 1,400 2235 Dec 21 23% Dec 21 19% Oct 2434 July
434,
)
4
Total sales in $1,000 units.-150
78
282
224
139
Preferred
200 9454 Dec 24 9454 Dec 24 92% Nov 9634 Aug
{High 103 1n 103"ss 103,
Erie Steam Shovel
32 103.st 1034n 103,12
5 8,500 2454 Dec 23 2534 Dec 20 21% Oct 2594 Nov Fourth Liberty Loan
103
100101 Dec 22 101 Dec 22 00
Low_ 103.32 103"st 103,
32 103'n 103
Preferred
434% bonds of 1933-38
100
Oct 102
Nov
(Fourth 4J4)
103,
s2
Federal Motor Truck_ _* 1.700 26% Dec 21 27% Dec 23 23
Close 103.3: 103,
st 103,
22 103332 103
Oct 3494 Aug
Total sales in 31.000 units__
48
323
239
343
109
210
Gen Gas & Elec el B _ _ _• 100 41% Dec 23 41% Dec 23 36
Oct 48% Aug
Illigli 109 032 1092$32 109"32 109"a: 109"32 109"12
Hartman Corp Cl B____* 2,000 25 Dec 24 2634 Dec 18 25
Dec 30
Sept Treasury
113t e. 1947-52
Low_ 1092.32 1091712 109"32 109"a2 109"a2 109"ss
Interns/ Comb Rag Ets. 1,200 1-16 Dec 18 1-16 Dec 18 1-32 Dec
% Dec
Kayser & Co 1st pref__*
100 113 Dec 22 113 Dec 22 900
C1080 1001.31 1090,2 1092.11 109"12 1091.32 100170
May 113
Dec
Tota sales In $1,000 units-5
18
1
Kraft Cheese
12
47
81
25 5,200 56% Dec 21 60 Dec 18 56% Dec 68
Nov
Melt 105,732 105"32 105"at 105"ss 105"a2 105"ss
Kress & Co
10489 Dec 20489 Dec 20 85
lii
Dec545
Jan
4e, 1944-1954
Low- 105,,32 1052822 1053032 1051922 1052032 10513,1
Liquid Carbonic at__
2,600 51 Dee 24 53% Dec 21 43% Oct 58% Nov
. Close 105"a2 105 1n 105"32 105"3: 105"32 105,832
700 9534 Dec 22 98 Dec 18 93
Louisiana Oil pref._ _100
Dec 98
Dec
Total sales in $1,000 units._
6
2
1
2
19
8
Mallinson St Co pref_100
100 72% Dec 21 72% Dec 21 71
Dec 78% Mar
(High 102"32 103
103
102"12 102", 102"st
Manila Sugar
Ap 50% Jan
100 400 40% Dec 22 42 Dec 23 27
894.. 1948-1958
102",,
Low.. l021,, 102"32 102"s2 1022832 102",,n
Montana Power pref_100
100119% Dec 23 119% Dec 23 12% Jan 119% Dec
(Close 102"st 102"a: 102"al 102"32 102"s2 102"Iss
300 15% Dec 21 16)/ Dec 24 53-5 Dec 16% Dec
Murray Body ctfs
*
Total sales in 81.000 units_
26
1
36
81
s
100 115 Dec 22115 Dec 22 04% M 116
Nat Supply Prof
100
Dec
NY Steam pref (6)_ _*
400 92% Dec 22 92% Dec 22 92% Dec 9234 Dec
let pre/ (7)
100104% Dec 20104% Dec 20 99% Apr 105% Oct
Note.
-The
above
table
of
coupon
includes
only
sales
Owens Bottle pref._ _100
100 116 Dec 21 116 Dec 21 12
Ma 117 June
Pacific Tel &Tel prof 100
100 107 Dec 21 107 Dec 21 101% Jun 107
Dec bonds. Transactions in registered bonds were:
Peerless Motor Car_ _50 8,800 27 Dec 1 30% Dec 20 23% No 31% Nov
100"32 to 100'931 9 4th 4.tt
102"as to 103,42
Penn-Dixle Cement_ _ • 8,000 38% Dec 24 40% - Dec 18 38
Dec 41
Dec 100 1st 3545
4 2d 434,
1001.32 to 100”32 10 Treasury 434s
109"32 to 109"12
Preferred
300 9994 Dec 20 9934 Dec 22 99
Nov 10034 Nov
10
1 3d 4148101no to 101"at
Porto-Itican Am Tob 100 2,500 80 Dec 23 93% Dec 23; 60
Jan 93% Dec
Purity Bakeries el A..25 1,510 47 Dec 18 4734 Dec 24' 47
Oct 49% Nov
ClassB
• 900 41% Dec 22 42% Dec 20, 41% Nov 44
Dec
Preferred
Oct 103
Dec
The Curb Market.-The review of the Curb Market is
100 200 102 Dec 20 103 Dec 24 99
Real Silk Hosiery
1034,300 41% Dec 20 46% Dec 24 37% Nov 50% Oct
Preferred
100 93% Dec 22 93% Dec 22 93% Dec 100
100
Nov given this week on page 3279.
Stand Oil of N Jersey Eta 7590362 1-16 Dec 182 5-16 Dec 24 1% Nov 2% Nov
A complete record of Curb Market transactions for the
Stand Oil of New York 25.36,600 32% Dec 18 333-5 Dec 20 32% Dec 3335 Dec
Texas Corp new
2527,000 67 Dec 22 57% Dec 20 53% Nov 57% Dee week will be found on page 3310.
Jan
Underwood Typew pf100
100 120 Dec 22120 Dec 22 115% Sept123
Jan
United Dyewood prof 100
300 4935 Dec 20 49% Dec 20 4955 Dec 58
Dec 4
Jan
U S Express
300 3 Dec 21 3 Dec 21 3
100
Foreign Exchange.-Sterling exchange ruled dull and
U 8 Steel new w 1
97,500 114% Dec 21 116% Dec 20 114% Dec 116% Dec
Van Raalte
Feb almost nominal, with business virtually at a standstill, espe*
400 1434 Dec 24 15 Dec 18 12% Apr 22
X Dec 22
% Dec
Viviaudou His
% Dec 22
11,600
54 Dec
Westinghouse El 1st pf50
100 82 Dec 20 82 Dec 20 78% Oct 87% Feb cially in the latter part of the week. Continental exchange
White Sewing Mach pf. 1,200 5534 Dec 18 5634 Dec 20 46% Oct 6434 Oct
Dec was active at intervals and francs and lire showed marked
Woolworth new w 1
4,800 126% Dec 21 128 Dee 20 126% Dec 128
strength, each touching new high records on the present
* No par value.
New York City Banks and Trust Companies.
All prices dollars per abate.
Banks-N.Y. Bid
America'. .. 302
Amer Union*. ain
Bowery EmtR z385
Broadway Con 345
Bronx Soros_ 1325
Bronx Nat_ _ _ 610
Bryant Park• 210
Capitol Nat-- z223
Cent Moreau! 280
Central
145
Chase
420
Chath Phenix
NatBk &Tr 375
Chelsea Exch* 277
Chemical___:882
Colonial•.........:800
Commerce__ _ 425
Com'nwealth* 315
Continental- - 265
Corn Rich... 547
Cosmop'tano. 285
Fifth Avenue*2200
First
2825
Franklin
160
Garfield
18911
Globe Riche. 225
Grace
350
Greenwich•- 530
Hamilton--- 215
Hanover
1080
•Banks marked
c Ex-rights.
Ask
310
210
395
365
1425
525
225
228
290
152
425
379
283
886
1000
428
325
280
552
___
2350
2875
175
405
240
540
221
___
Att. Trust Co. Bid.
Bid
Banks.
New York.
625 635
Manhattan *. 225 229 Am.Ex.Ir.Tr. 315
__ Bank of N Y
625
Mutual*
& Trust Co.z890
National City 634 635
New Nerh'ds* 330 340 Bankers Trust,68.3
503 508 Bronx Co Tr. 310
Park
130 140 Central Union z925
Penn Exch_
400County
.300
Port Morris
:375
Publie
557 Zia Empire
Seaboard ___ :714 722 Equitable Tr_ 302
162
172 Farm L & Tr. 556
venth
Standard .... 660 800 Fidelity Trust 300
State*450
590 600 Fulton
170 180 Guaranty Tr.2450
Trade*
185
200 Interstate ___ 193
United
UnItedStates• 315 325 LawyersTrust -Wash% Rte. 640 750 Manufacturer 541
Yorktown... 137 143 Murray 1119__ 220
Mutual(WestBrooklyn.
thester)__ _ 215
Coney Island* 325 375
200N Y Trust.._ 553
DONVOY•
:400 iio Terminal Tr. 175
Fired
Mechanico'•__ 308 314 Times Squar 138
Montauk'..... 350Title Gu & Tr1690
Municipal•
313 518 USMtg&Tr. 42/
___ United States.:1850
Nassau
380
'r.Tr 550
io
trtel
otsva
People's
___ Wee
725 825
Queenaboro * 185
Brooklyn....:810
Kings County into
Midwood_- 275
s) are State banks
00 New stock.
Ask
318
710
668
330
935
315
379
305
5,2
310
470
455
197
-546
225
--557
185
142
698
437
__820
250
285
(s) Ex-dlvidentl.
movement.
To-day's (Friday's) actual rates for sterling exchange were 4 84%04 85
for checks and 4 8534 g4 8534 for cables. Commercial on banks, sight
4 84%©4 843-5, sixty days 4 8051(414 80%, ninety days 4 78%04 79 and
documents for payment (60 days)4 8104 81 h; cotton for payment,48435
@484% and grain for payment, 4 8434@48434.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.94%0
3.95 for short. German bankers' marks are not yet quoted for long and
short bills. Amsterdam bankers' guilders were 39.94039.95 for short.
Exchange at Paris on London, 122.3759; week's range, 119.95 high and
122.3734 low.
The range for foreign exchange for the week follows.
:
Sterling, ActualChecks.
Cables.
IIigh for the week
4 8534
4 85
Low for the week
4 84 9-16
4 85 1-16
Paris Bankers' FrancsHigh for the week
4.0555
4.06%
Low for the week
3.9559
3.9634
Germany Bankers' MarksHigh for the week
23.82%
23.84%
Low for the week
23.78
23.80
Amsterdam Bankers' GuildersHigh for the week
39.99
40.01
Low for the week
39.96
39.97
Domeotic Exchange.-Chicago, par: St. Louis. 15025c. per $1,000 discount; Boston, par; San Francisco, par; Montreal, 5.9375 per $1,000 premium; Cincinnati, par.
CURRENT NOTICES.
-Hartshorne, Fates & Co., 71 Broadway, New York, have prepared a,
special circular on Standard 011 Co. of New York.
-Hilson & Neuberger, members of tne New Yor k Stock Excnange,
announce the removal of their office to 100 Broadway. New York.
3295
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. 18.
Monday,
Dec. 20.
Tuesday,
Dec. 21.
Wednesday, Thursday,
Dec. 22.
Dec. 23.
Friday,
Dec. 24.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
riser an an.
Range Since Jan. 1 1926.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads.
167 168% 18534 16734 166 17014 170 172 187,600 Atoh Topeka & Santa 31%_100
11331 16978 16714 170
100
101 10135 10118 10118 101 10118 10118 10112 1014 10112 10135 10138 1,500 Preferred
78 3,500 Atlanta firm & Atlantic 100
72
78
72
34
•38
34
34
%
34
31
34
100
20514 207 20614 210 20814 209 206 20734 208 209 20814 20934 9,500 Atlantic Coast Line RR
100
28,700 Baltimore & Ohio
10788 108
108/
1
4 10878 10818 10872 10734 10832 10734 10814 1074 108
100
733k 7312 73/
1
4 7314 7314 73/
1
4 73/
1
4 7314 7312 7314 7314 73/
1
4 1,200 Preferred
50
1
4 44/
1
4 1,200 Bangor & Aroostook
4412 44/
1
4 44/
4434 4434 4434 4434 *4414 45
4438 45
100
100 Preferred
*101 103 10114 10114 *101 103 *101 103 *101 103 *101 103
75/
1
4 74
78
7614 75
7478 22,000 Bkln-Manh Trite v t O_No par
1
4 7618 77
75/
1
4 767s 7612 77/
NO par
900 Preferred v t c
893s 8933 8913 8913 894 8912 8913 8912 *8912 8934 8912 8934
15
1514 15
15
15
500 Brunswick Term & Ry Seo_100
*15
1534 15
1512 •15
1534
*15
Buffalo Rochester & Pitts-100
*8012 82
•8012 82
*80 84 *80 84 *80 84 *80 82
100
Canada Southern
*594 61
*5912 61
*5912 61
*6014 61
*60 83 *6014 131
100
16712 1681
/
4 1674 1681 1677 1687 11,700 Canadian Pacific
166 166's 16818 17014 16814 169
Jersey_100
Central
RR
of
New
292
292
290
290
*285
292
900
292
292
290
290
295
•291
100
16412 1673* 16334 16572 164 165 115,900 Chesapeake & Ohio
1
4 168
16238 1633 16334 16738 165/
100
Preferred
__ *182
__ ____
__ *163
*161
*5% _-51
v5 _-51
*518 _-5% 4,512 5i2 *5
100
514 514 1,250 Chicago & Alton
5'2
100
714 784 *714 73* *718 772 *714 73
*712 812
714 734 1,800 Preferred
100
CC C & St Louis
•250 280 *250 280 *250 280 *250 280 *250 280 *250 280
100
*30
32
*30
31
*30
31
32
100 Chic & East Mania 1tR
30/
1
4 3014 •30
*30
32
100
*4434 4513 4514 4514 4514 4514 1,400 Preferred
461 *45 46
4512 454 46
93
100
83s 812 2,100 Chicago Great Western
932 *834 914 - 84 834
8/
1
4 834
83* 9
2514 25
251s 2538 2514 2634 2512 254 25 253* 25
253* 9,000 Preferred
9
9
9
9
9
9
9
834 834 3,100 Chicago Milw & St Paul"_IN
814 834
9¼
100
734 83*
834 83
812 818 4,200 Certificates
84 872
8% 9
*834 9
100
1812 187
*1912 1938 1918 1914 1834 194 183* 187
183* 1834 5,100 Preferred
1838 18
18% 1878 1818 1835 18
19
19
19
19
183* 9,200 Preferred certificates-100
817s 81
8178 81
8134 23,300 Chicago & North Weetern_100
8114 8214 8138 8338 8138 8212 81
100
*124 125 *124 125 12414 12414 *124 125 •124 125 *124 125
1011 Preferred
694 70'l 6978 2014 21,400 Chicago Rock 1s'& Pacific-100
/
4 6938 701
695* 701
704 7114 6912 71
104 104 *103 104
104 104
100
10312 104
10372 104
104 104
1,100 7% preferred
100
95
9512 951
95
9512 1.500 6% preferred
9614 95
1
4 961 *95
*95 964 96/
100
*83
841 *83 85
83 83
84
83 83 *83
8334 84
600 Colorado & Southern
100
*70
72
71
71
72
70
70 •70
72
*70
72 •70
600 First preferred
Highest
Lowest
$ zer share
rrsx an A An
Range for Previous
Ysar 1926.
Lowest
Highest
$ per share 0 per share il per share
172 Dec 24
10172 Dec 8
10 Jan 2
26212 Jan 2
10924Sept 7
737 Aug 20
46 Feb 1
103 Dec 11
777 Dee 20
8934 Dee 24
1884 Nov 5
875g July 20
61 June 14
17014 Dec 20
305 Jan 11
17818Bept 24
171 Sept 28
1178 Feb 20
1814 Feb 1
275 Aug 2
37 Feb 1
5134 Feb 1
1212 Sept
3178Sept
1412 Jan
14 Jan
24 Aug 2
2338 Aug 2
8334Bept 1
1264 Apr 30
7114 Dec 18
108 Dec 9
98 Nov 30
9614 Oct 13
74 Oct 13
11614 Jan 1401k Dec
9212 Feb 98 Dee
3 Jan 1134 Dec
14714 Jan 268 Dee
71 Mar 9418 Dee
6278 Apr 6734 Nov
3514 Mar 561s Nov
89 June 100 Oct
354 Jan 64 Nov
72% Jan 8334 Dec
3 Feb 1712 Nov
48 Apr 9258 May
66 Jan 59 May
1384 Mar 1528s Jan
285 Mar 321 Jan
89/
1
4 Mar 1301k Dee
105/
1
4 Apr 130 Dee
378 Apr 10% Feb
512 Apr 1912 Feb
140 May 200 Dee
1
4 Aug
293* Mar 38/
40 Mar 5714 Jan
9 Jan 15 Feb
1914 Mar 3232 Feb
314 Apr163* Jan
7 Sept11 Nov
7 Apr 2812 Jan
12/
1
4 Oct22 Nov
47 Apr 80% Dee
10134 Apr 120 Des
4018 Mar 587s Dee
92 Jan 100 Dec
82 Mar 891: Mar
4418 Jan 7012 Sept
60 Mar 6634 Dee
54 Jan 6218 Aug
100 59 Jan 11 72 Sept 27
*65
68
*66
68
Second preferred
*66 68 *68 68
*67
70
*67
70
100 16014 Mar 30 18312Sept 2 1331s Mtir 166 AIR
17514 17514 5,900 Delaware & Hudson
17634 17712 177 17838 17672 17712 175 17734 176 176
147 14814 15,500 Delaware Lack & Western_ 50 129 Mar 30 1534 Jan 12 125 Mar 14734June
14734 14812 147 14834 147 14912 147 14834 14634 148
34% Oct 60 Jan
43
43
4214 4214 1,700 Deny & Rio Or West pref-100 3712MaY19 47 Jan 2
43
*43 4412 4334 4334 4318 4312 43
2634 May 39% Dee
100 2212 Mar 29 42 Dec 21
417 *4114 4112 414 4112 9,200 Erie
41
41
4134 4118 411.4 413* 42
35 June 46% Jan
1
4 5514 52,200 First preferred
100 3334Mar 30 5514 Dec 24
5414 64/
/
4 5114 5334 525 5412 53
5112 523* 5118 521
34
June 4334 Jan
24
Dec
493
5314
30
100 30 Mar
4912 5014 6,500 Second Preferred
48% 4815 4712 4834 48% 4918 49
*48
49
Apr 82$8 Dee
82% 8278 8178 8234 8112 821s 817 8232 8134 8214 8212 8238 18,300 Great Northern preferred...100 6812Mar 30 84% Dee 9 60
Dec 4038 Jan
25
2714
Feb
15
10
Dec
1934
20
18
par
31,300
2018
2018
1834
2012
Iron
Propertles__No
197
2012
2038
20%
1834
Ore
183*
23 Mar 363* Sept
300 Gulf Mobile dc Northern-100 2512 Apr 20 411413ept 29
37
37
*37
38
38
*3712 3834 3812 383 *37% 3814 *37
1
4 Sept
8912 Mar 109/
/
4Sep1 30
100 95 Mar 29 1091
Preferred
*105 106 *105 10534 *10412 106 *104 10534 *104 105 *104 105
2134 Mar 3838 Aug
40% 4114 403* 4114 4034 41
/
4 4078 407 4118 4,700 Hudson & Manhattan____100 3438 Jan 22 4112 Dec 14
403 403* 401
641: Feb 72 July
797 797 *78 80 *78
100 Preferred
*78
80
*78
80
*78 80
80
100 67% Mar 31 80 Dec 14
123 124 *12312 124
1234 12334 12334 12534 125 12534 124 125
100 1134 Mar 3 131 Sept 7 111 Mar 12512 Dee
5,300 Illinois Central
124 124 *123 125 *123 125
•122 126 *122 126 *124 126
100 11612Mar 30 12912Sept 7 11212 Apr 12514 Deo
100 Preferred
6814 Aug 7414 Dee
*753 76
757 757 *753* 76 •7555 76
/
4 Jan 13 77 June 23
100 Railroad Sec Sallee A--1000 711
*7558 76
*7512 76
18 Jan 3318 Sept
25
*17
251 *24
*20
24
*20
24
24
100 lot Rye of Cent America 100 24 Dec 13 31 Feb 13
*24
2512 24
591z Jan 66% July
100 62 Mar 30 66 June 24
100 Preferred
*62
67
*61
6478 *5912 65
65 65 *6114 66
*62 67
1312 Mar 3412 Feb
*51
52
51
517
4934 51
52'2 5112 5334 5214 53
18,200 Interboro Rapid Tran•to-100 241, Jan 15 5334 Dec 20
52
3/
1
4 Mar
11
/
4 Jan
312 Jan 15
114
1 Aug 14
114 *1
114 *1
114 *1
*1
11
11
100
/
4 *1
*1
Iowa Central
28% Mar 51 Dee
106 3414Mar 3 513sSePt 9
43 4314 4212 4212 423* 424 4212 427k 7,200 frgnscas City southern
4355 4435 434 443
1
4 Dee
57 Jan 63/
100 6OleMar3l 6838Sept 10
100 Preferred
*6534 68
66
*6574 661 *6574 6612 *657s 6612 *6572 6612 66
89 Mar 8812 Dee
60 7512Mar 3 106 Dec 10
10414 10414 104 10434 *101 105
2,300 Lehigh Valley
10338 10338 *102 104 *101 104
100 118 Mar 30 144 Sept 3 106 Jan 148 Dee
1,900 Louisville & Nashville
*132 1333 13312 134's 133 133 132 132
133 1331 *132 134
64 May 119% Sept
200 Manhattan Elevated guar_100 84 Mar 3 923* Apr 20
*85
92
92
*90 92 28814 8814 *87% 92 *85 92 *85
1
4 Feb
100 38% Jan 26 6178May 28
32/
1
4 Mar 51/
547g 54
8,200 Modified guaranty
521s 53
531
53
54
64
543* 6414 5514 54
13 Nov 12 Sept
412July 31 10 Feb 9
Market Street Railway__ _100
*5
6
*5
6
*5
8
*5
6
*534 8
*5
6
4614
20
Jan
Feb
9
Sept
40
Oct
22
1912
100
Preferred
120
28
*20
28
*20
28
28
*20
28 •24
*24
28
1
4 Sept
4214 Nov 65/
100 3912June 21 513* Feb 10
600 Prior preferred
4612
461 *45
45 *45
45
45
451
45 45
•44 451
15 Dec 3514 Sept
100 1134 Oct 29 224 Feb 10
___ Second preferred
18
*14
*14
18
*14
18
16
•14
18 *14
*14
16
214 Oct4 Mar
3% Jan 11
14 Dec 9
700 Minneapolis & St Louis__ _100
112
*1
__
138 11 ____
__
14 11 ____
112 11
303* Apr 57 Nov
800 Minn St Paul & SS Marie_100 29 Dec 22 5212 Feb 3
*28
29
291 *28 -29
30 1018 29
3134 313
32
*30
40
Mar 8614 Nov
79
Feb
3
Dec
21
50
100
Preferred
773
5038
5032
52
*5014
50
50
50
51
53
*48
55 *48
5712 June 63 Feb
100 80 Oct 28 6678 Feb 24
Leased lines
*wiz 66 *5512 60 *5512 60 *554 60 *5512 607 *5512 60 6,300 Mo-Ran-Texas
1
4 Sept
2814 Jan 45/
RE--No par 2913 Oct20 4712 Feb 9
3314
33
3255 33
3338 343* *3314 34
343
3414 3412 34
741g Jan 9212 Dee
100 82 Mar 2 9638 Dec 7
957 9638 961
9578 95% 3,300 Preferred
957 96
96
/
4 9638 957 9614 96
305 Jan 4184 Dee
391 3932 27,600 Missouri Pacific
100 27 Mar 3 46 Sept 1
397
4072 394 4012 39
39
3978 3912 41's 40
/
4 Dee
71 Mar 911
100 7112Mar 3 95 Sept 3
917 933* 92
9214 41,500 Preferred
9278 92
9134 9214 9214 9438 9234 94
314 Dee
112 June
834 Jan 7
434 Apr 10
Nat Rye of Mex let pref 100
1
4 51
*412 5/
1
4 *4/
*412 512 *44 5% *412 512 *44 512
314 Dee
11: June
412 Jan 7
134 Oct 27
100
300 Second preferred
178 172
*134 17
172 172 *134 17
*134 2
•178 2
300 New On Texas & Mexico_..100 120 Mar 30 13212 Jan 9 11314 June 13712 Dee
12712 128 *123 12638 *123 12835 *123 1263* *123 12835
127 127
100 117 Mar 30 14712Sept 7 11314 June 13712 Dee
144 1461 14312 14578 14114 14278 14112 14418 14338 1447 203,800 New York Central
142% 147
100 130 Mar 3 204138ept 23 118 June 183 Deo
7,800 NY Chic & St Louis Co
190 192
192 19312 193 1947 19414 19612 192 19334 191 192
8811 Jan 98% Nov
100 93 Mar 11 106 July 8
Preferred
1,000
10312
10312
10312
10312 10312 10312
104 104 *103 104
104 104
28 Mar 47 Dec
100 30%Mar 30 48's July 17
4334 44 46,900 N Y N H & Hartford
45i4 4334 4434 4334 4414 4334 443
4378 443* 44
20% Apr 3434 Aug
2514 2534 2534 27
25% 2612 2534 2614 32,700 N Y Ontario & western...Am IA Mar 30 2878 Feb 13
26
2812 2538 26
5 Dec 12 June
6 Jan 25 2014 Feb 6
1614 2,000 N Y Railways pref ats_No par
1712 1814 1814 1634 167
1612 1634 1612 1612 16
*17
21 Dec 36 July
100 New York State Railways 100 13 Dec 8 2812 Jan 14
*13/
15 *13
1
4 15
1312 1312 1312 *1314 15
*1314 15 •13
21% Apr 46 Sept
100 2778 Apr 15 4432 Sept 2
500 Norfolk Southern
391
*3812 39 *3812 3912 39
39
3812 3812 *38
39
39
100 13914 Mar 30 17078 Oct 2 12312 Mar 161 Dee
1
4 16018 1617s 15912 16012 15912 161
11,500 Norfolk & Western
161 18212 16112 162/
161 161
7512 Jan 86 Dec
Preferred
100 8312 Nov 4 8538 Aug 11
86 *84 88 *84
*84
86
*84
86
86
*84 86 *84
5814 Apr 7814 Dee
100 6534 Mar 30 8212 Aug 26
8072 7934 797
8014 8132 80
80
8032 8014 805* 11,700 Northern Pacific
8072 81
20 Aug 4012 Dec
100 16 Oct 19 48 Jan 8
*15
20
20 *15 20
Pacific Coast
*15
20
*15
20
*15 20 *15
4211 AM 55313 Dee
50 4838Mar 30 5718 Oct 27
22,700 Pennsylvania
5014 5838 5812 61355 56% 57
56% 57
5634 57
5638 67
1334 Apr 2138 Deo
100 1678 Oct 19 263* Jan 14
2134 2,900 Peoria at Eastern
21
2134 *204 2112 *21
213 *21
2134 *21
*2012 21
MA June 8512 Dec
117 11712 11712 11712 *11612 1171 *11634 1171
11612 117
100 87 Mar 3 122 Dec 13
2,900 Pere Marquette
11634 117
78 July 8934 Dec
*88
93
a ___ 93 •____ 93 •___ _ 93 •_ - _ _ 93 *88
Prior preferred
100 79 Mar 1 96 July 7
93
881* Apr 793* Dee
88
88
*87
88
*87 88
88 *87 88
100 7034Mar 29 9178July 17
200 Preferred
ii$7 88 *87
-. •14812
2 Pitts Ft Wayne & ChM pref 100 14218 Jan 2 151 18 Dec 2 139 Jan 144 Nov
__ *14812
--- •1481/4
*148% -__ 149 149 •14811
Mar 128 Dee
63
135
Dec
24
126
/
1
4
12712
Mar
30
128
135
12712
85
8,200
127
1271
12614
Va
100
Pittsburgh
&
West
127
12812
*12712 1281
993
6934 Mar 9114 June
96
9734 85,600 Reading
9714 100
9834 10114 98% 9972 98
50 79 Mar 30 10114 Dec 20
9956 101
35% Mar 41 June
*4012 4112
400 First preferred
414 *4012 4114 4114 4114 *4012 42
50 3934 Dec 4 42 Apr 26
*4012 4013 41
3614 Mar 44% June
45
45
4512 4534 4534 4534 z4478 45
3,100 Second preferred
40 40 Mar 30 4534 Dec 21
447* 4412 45
44
42 Apr 627s Jan
*44
47
•48
5112 4714 4714 *44
51
/
4 Aug 2
200 Rutland RR pref
48
100 42 Apr 8 611
4914 4914 *48
6718 Jan 10214 Aug
100 85 Mar 30 10312 Dec 22
1011
/
4 102 10118 10214 10218 10338 10214 10318 10212 10318 102 10314 40,700 St Louis-San Franelaco
76 Jan 9214 July
800 Preferred A
9612 9618 963 9634 964 9712 964 9678
96
100 834 Apr 1 9712 Dee 23
961 *95
*96
1
4 Dec
4334 June 69/
6234 6334 8234 6234 63
1,500 St Louis Southwootern____100 5712 Mar 19 74 Feb 9
834 *63 64
63% 6488 6312 64
7018 Jtwe 7834 Dee
77
80
/
1
4July
27
f
rred
ne
78
*76
77
77
77
Mar
19
Pr
600
76
7612
72
100
7612
77
*76
2035 Jan 5414 Nov
3458 3634 15,200 Seaboard Al? Line
34
3414 345 35
100 2712 Mar 31 51 Dec 2
3434 3514 •3455 347
3414 35
2012 4024 4,400 Preferred
35 Mar 5118 Aug
39
100 3112 Mar 81 48% Feb 18
3812 39
3918 3918 39% 3815 3712 381 *38
96 Oct 1088* Jan
10972 11012 82,900 Southern Pacific Co
100 9618 Mar 30 11214 Dec 20
, 110 11214 1105 1111 110 11138 109% 111
10934 1105
7772 Jan 12012 Doe
29,900 Southern Railway
100 10378 Mar 30 13114Sept 3
12278 12378 122 1231 1217 1221 121 1211 121 12134 12118 122
83 Jan 9512 Sept
94/
1
4 943* 947 947
100 8712 Apr 6 9512 Aug 5
95
9518 9518 9514 2,500 Preferred
94% 9434 9412 941
573
43
/
1
4 Jan 59 Deo
55
5512
5514
56
571
Jan
13
Texas
dc
Pacific
37,200
55
6155
4218
Mar
30
100
5614
55
57
553
55
387 4O7s 40
7/
1
4 Apr 153* Sept
411
/
4 407 4215 21,100 Third Avenue
4038 4113 41
42
100 1312 Jan 8 43 Apr 23
377 377
58 Jan 7814 Dec
82 *59 60
Twin City Rapid Transit 100 5914 Oct 25 785 Jan 4
*5934 60
63 *61
*5934 60
*61
*60 61
22,800 Union Pacific
100 14112Mar 30 16838 Oct 1 13314 Apr 15314 Jan
16234 16338 164 16534 16314 16414 16212 16312 163 16438 16312 164
72 Jan 7714 July
100 7434 Jan 6 8114 Aug 28
800 Preferred
8012 80's 8038 8015 *8038 801
8035 804 8012 8012
8012 801
18 Aug 331k May
United
Railways
1934 Mar 3 2712 Apr 7
*27
34
*27
34
Inveetm1.100
-----------------*27
30
273
*27
4812 Mar 8378 Dee
100 65 Mar 2 125 Nov 11
- - --- - - - -- --_ Preferred
-- -- --- --- - -- - - ---- - -- ---_ _
1912 Mar 4714 Aug
100 3378 Mar 30 52 Jan 12
3- 4212 -4338 4218 42% 414 -4214 4112 -4-214 42 4132 18,500 Wabash
:12 12-4
5534 Jan 7378 Dee
755s 7818 8,000 Preferred A
100 68 Mar 30 783* Jan 13
757 757
7513 757
757 7578 757 7618 7534 76
3812 Jan 6012 Aug
*60
68
Preferred B
*60
68
*60 68
68
100 57 Mar 29 72 Jan 29
*60 68 *60
*60 68
11 Mar 1838 Aug
100 11 Mar 3 1638 Jan 4
1212 127e 1234 1318 127 1278 125* 127s 1212 1278 1212 1312 8,900 Western Maryland
16 Mar 2614 Jan
5,700 Second Preferred
23
2338 2314 24
100 1638Mar 30 2438Sept 25
2312 *2214 2314 *2214 23
23
*2212 23
1
4 Dee
193* July 39/
6,600 Western Pacific new
100 2712 Dec 23 3914 Jan 2
2712 284 2734 28
2914 2812 29
3012 294 304 29
*30
72 July 81 Dee
7672 7815 7,400 Preferred new
100 7678 Dec 2-4 8634Bept 11
7812 80
58038 804 80 80
81
81
*804 81
104 Mar 32 Dec
264 2714 2612 2878 2614 2612 2614 2612 2612 264 7,200 Wheeling & Lake Erie Ry_100 18 Mar 30 32 Jan 2
2614 27
22 Avr 537s Dee
100 37 Mar 20 6018 Jan 4
4434 4434 4434 4434 445 4618 1,400 Preferred
45
44/
1
4 4538 4514 4512 45
oe
04
*so
am,
57
87
5714 5714 *87
5 Bld and flaked prices. z Ex-dividend. a Fi-rights.
90
*8714 90
122 Mar 30
9418Mar 5
12May 28
18112 Mar 30
83%Mar 3
13712 Jan 8
33 Mar 2
9778Feb 8
5412 Mar 31
78 Mar 31
812Mar 4
6934 Mar 28
58 Jan 16
1464 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
4148ept 18
618May 18
17314Mar 29
3014May 10
3612 Mar 31
73* Mar 31
1614 Mar 30
814 Dec 23
734 Dec 23
1412 Mar 31
14 Apr 20
6514 Mar 30
11812 Jan 4
4012 Mar 3
96 Mar 4
83/
1
4 Mar 31
52 Mar 3
62 Mar 2
Industrial & Miscellaneous.
300 Abitibi Power & Paner_No oar
7034Malf 21
98 Sent 14
62
Jan
7814 De
New York Stock Record-Continued-Page 2
3296
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. 18.
Monday,
Dec. 20.
Tuesday,
Dec. 21.
Wednesday
Dec. 22.
Thursday,
Dec. 23.
Friday,
Dec. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926
Ors basis of 100-share tots
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
t Per share
Per share $ per share $ per share $ per share
per share Shares. Indus. & Miscel. (Gon.) Par $ Per Mare $ per share $ per share
per star.
$
63 6312 63
63
62
62
62
6212 *624 63
6214 62,4
900 Abraham & Straus___No par 43 May 20 63 2 Dec 18
*113 _
*113 _
*113 ____ *113 ___ *113 -- *113
------ Preferred
100 10418 Mar 19 112 Dec 13 ---------------*2612 27
*2613 27
*2612 27
*2612 27
*2612 27
27
*26,2
Albany Pert Wrap Pap_No par 2353 Oct 6 27341une 23
*140 143
143 143
143 14512 *145 143
145 145 *143 148
400 All America Cables
100 131 Jan 6 155 July 24 119
Jan 13384 -45Oi
*12812 12934 12714 12814 *12612 128
126 126 *126 129 •128 129
400 Adams Express
100 9972 Mar 18 138 Sept 22
90 Apr 11714 Oct
94 10
934 934
912 10
958
934 934 •9
932 10
2,400 Advance Rumely
100
8
Dec
16
22
Sept
24
13
Apr
20
Oct
3234 33
3138 3138 314 3112 32
32
32
3312 331z 3312 3,500 Preferred
100 2878 Dec 16 6.534Sept 24
47 Feb 6214 Oct
5
514 *5
512 *5
54
472 5
478 512 *472 5
2,400 Ahumada Lead
1
434 Nov 22
912 Jan 4
718 Oct 1252 May
14334 14514 1424 1444 141 14214 140 14114 *14012 142
14118 142
4,100 Air Reduction, Ino____No par 107,4May 19 14634 Dec 14
8634 Jan 11738 Dec
1132 1232 1032 1172
934 1078
932 973
9,2 934
9,4 9/
1
4 82,600 Ajax Rubber. Inc
No par
93 Dec 157s Jan
71g Oct 20 16 Feb 10
132 132 *132 11
4,118
138
114
118
138 138
114
114 1,400 Alaska Juneau Gold Min__ 10
7Et Oct 22
2 Jan 4
1
Jan
212 Oct
145 14714 14512 1487 146 14812 14438 14612 14312 14534 14334 14514 241,500
Allied
Chemical
as
Dye_No
par
106
Mar
30
148%
Dec20
80
Mar 11658 Dec
012034 12112 12052 12052 1205, 122
12112 12112 *121 12112 •12034 12112 3,200 Preferred
100 11884 Mar 20 12274 Dec 2 117
Jan 12114 Noy
8912 91
91
92
91
9112 8912 9032 90
9034 9014 9072 7,700 Allis-Chalmers Mfg
100 7814 Mar 26 945k Jan 14
7112 Jan 9714 Dee
*11012
•111
•11112 11312 *11112
*11112 11312 2110 110
100 Preferred
r 100 105 Apr 7 11112 Dec 14 10314 Jan 109 Dee
32
3214 3152 324 3152 3172 3112 3172 3112 32
3112 31% 5,000 Amerada Corp
No par 2414May 20 3272 Aug 9
1334 1334 13
134 13
13
134 1312 1314 1352 1314 1312 1,700 Amer Agricultural Chem _100
9 Oct 14 3438 Jan 14
1313 Mar 297s Oct
61
51
4852 50% 4814 4834 *4812 4934 *4712 4812 48
2,000 Preferred
431
100 3533 Oct 30 9613 Jan 14
3813 Mar 82/
1
4 Dee
414 414 4134 42
42
4214 *42
42
•42
4213 42
43
1,100 Amer Bank Note, new
10 3452 Mar 31
46 Oct28
391
/
4 Dec 448 Dee
*5612 5934 *5612 57
5612 561 *5514 57
*5412 5612 5612 5612
400 Preferred
55
Jan
50
15
5813July
10
5312
Jan
58
/
1
4 Sept
*26
2612 2612 2612 2534 253
25
2514 2414 2414 *2414 2534
800 American Beet Sugar
100 2012Sept 13 3834 Feb 5
295 Oct 43 Jan
*6012 61
*604 61
*604 601
60
60
60
*59
60,8 *59
300 Preferred
100 55 Nov 5 83 Feb 24
78 Dec 87/
1
4
June
17% 1732 1732 1712 17
171
1652 1634 1652 1634 2,500 Amer Bosch Magneto_ _No par 18 May 19 3432 Jan 4
1634 1634
2612 Mar 5412 Jan
14112 14112 142 142
141 141
1,000 Am Brake Shoe & F___No par 110 May 19 180 Feb 2
149 140 •139 141 •I39 141
9014 Mar 158 Dee
O11734 120 *11712 120 •118 120 *118 120 *11814 120 *118 120
Preferred
100 11014 Mar 24 12814 Feb 18 1071
/
4 Jan 11452 Dec
38
3812 384 3834 3852 3912 3838 3878 384 39
3814 39
5,200 Amer Brown Boveri El_No par 3014 Mar 29 50 Aug 9
4734 Dec 537 Oct
97
97
*9612 9712 *9612 9713 *96
9718 96
97
*9612 971z
300 Preferred
100 8612 Mar 31 972 Jan 16
90% Nov 98 Dee
54
5512 54
5512 5313 5334 53
5258 5314 158,000 American Can w 1
5312 52% 53
25 3878 Mar 30 631s Aug 4
4714 Dec 4954 Dec
12812 12834 *128 129
128 129 *128 130
12912 12934 •12912 130
1,100 Preferred
100 121 Jan
130% Dec 15 115 Jan 12172 Sept
103 103
102 10312 102 102,2 10112 102
10118 10112 101 10152 3,800 American Car St Fdy.
.__No par 9113Mar 31 1147s Jan 12
9712 Apr 1153 Sept
•127 130 *127 130 *128 130
130 13014 *12812 130
12934 12934
600 Preferred
100 12013 Oct 15 130,4 Dec 22 12054 Apr 128 July
*2512 26
2512 2512 z25
25
*2514 2512 25
25
25
700 American Chain, class A_ _ __25 2314 Mar 30 2614Ju1y 20
25
2213 Oct 27 Feb
*3812 40
3812 39
38
39
3714 3714 37
37
*3612 37
1,200 American Chicle
par 31 Oct 11 51 Jan 4
No
37
Jan 62 Apr
•37
3812 *3712 3812 *37
3814 *36
3812 *36
37
*3512 364
Do certificates
No par 28 Oct 13 4714 Jan 7
37 Jan 5813 Apr
912 934
952 952
912 934
*93
2
2,700
9% 94
934
9% 934
Amer Druggists Syndicate_ _10
414 Jan 5 103s Aug 19
414 Dec
634 Jan
13114 13212 132 13312 130 13012 129 130
12912 13012 131 13234 7,100 American Express
100 1057g Mar 3 140 Jan 6 125 Apr 166
Jan
18
1812 1734 18
1712 1812 18
1912 1932 2052 2014 2034 43,600 Amer Ss For'n Pow new_No par 1414 Nov 3 425* Jan 2
2714 Apr 5132 Sept
88
8812 88
88
88
88
8834 8934 89% 90
*89
894 2,500 Preferred
No
par
1
79
98
Oct
Feb
13
Feb
87
94
Jan
8
8
8,4 814
834 878
9
9
8% 84
9
1,800 American Hide & Leather_100
9
7 May 10 17/
1
4 Feb 9
812 Mar 1432 Dec
*49
50
5212 52% 5212 524 52
52
52
5112 52
5278 4,100 Preferred
100 3313May 7 6714 Feb 9
5813 Sept 7572 Jan
294 2914 29
2914 2834 29
29
2932 2914 2932 2914 2914 2,600
Home Products_ _No par 2358 Oct 8 2978 Dee 3-132% 133
13212 13312 132 132
12934 131 *129 130
129 13013 1,900'American Ice
100 109 Mar 31 136 June 8 -83 - Mar 139 -Dee
8378 8378 84
84
*8314 84
8312 8312 *8312 8412 *84
8412
400 Preferred
/
4 Oct 18 8634June 1
100 811
7413 Mar 88 July
3912 3934 3934 40
397
2
3934 13,600 Amer International Corp 100 3154 July 19 4634 Feb 16
398
394 3934 3834 39% 39
32% Mar 4673 Nov
1158 1134
11
1112 11
1132 1032 II
1052 11
10s8 11
9,300 American La France F E___10 1032 Dee 22 15/
1
4 Jan 4
1114 Jan 20 Nov
*3134 3214 3134 3172 3115 3114 31
32
3132 31
31
3114 2,900 American Linseed
100 2552 Oct 20 52/
1
4 Jan 4
20 Mar 59/
1
4 Nov
*73
76
*72
76
*72
76
*74
7512 *72
75
70
300 Preferred
70
100
Jan 89
87
Oct
Oct
53
Jan
19
674
4
10812 10912 10834 11012 10812 10953 10814 109
109 10912 10958 10978 10,200 American Locom new No par 9et4 mar 31 119/
1
4 Jan 4 10412 Jan 144/
1
4 Mar
*119 122
120 120
1194 12012 121 121
121 121 •120 121
900 Preferred
100 116 Aug 9 124,4 Dee 7 116 Aug 124 Feb
*7112 72
7112 7212 7214 7212 72% 7232 7214 73% 7312 7418 4,700 Amer Machine as Ply_ _No par 6514 Oct 11 8012 Aug 16
___
•12178 125 •12178 125 *12178 125 *1217g 125
125 125 •12378 12518
200 Preferred
100
July 15 125 Dec 23
45
4532 4412 4434 4212 4412 4234 4312 4214 4252 4212 4258 11,600 Amer Metal Co LtdNo par 114
4554 Mar -in; Val
4214
573
Dec
8
Feb
23
16
•110 114 •110 114 *105 113 *100 112 *105 110 *105 112
Preferred
100 11312 Apr 15 120 Feb
111 Mar 119 Nov
6212 6212 62
6212 6112 6152 6112 6272 62
624 6178 6278 4,000 Am Power At LItht___ _No par 5034May 19 721zSept 8
110 110
110 11034 *10914 110
11012 11012 11012 11034 11034 11214 3,400 American "nadir-ad*
89,
1 -ii; 12213 NoC
19
10114May
"
1223
25
2
Aug
9
88
88
*8714 92
*88
90
92
*88
88
88
.88
8912
200 Amer Railway Express__ _100 7738 Mar 31 90 Dec 10 x76 Sept 84
Jan
*46
49
46
46
4514 45/
1
4 4412 4412 *40
44
4412 4412
600 American Republics_ _ No par 39/
1
4 Nov 9 74 Jan 5
48 Jan 7934 Dec
594 60% 5912 60
5912 61
5912 5912 5812 59
*5812 5912 8,900 American Safety Razor__ _ _100 42 Apr 14 703* Aug 17
3672
Jan
Nov
763*
5% 5%
54 57
54 572
*534 572
534 534 *534 6
1,600 Amer Ship & Comm__No
512 Jan 2 111
No par
/
4 Mar 12
5% Dec 14/
1
4 Feb
14432 1454 14312 1454 14314 145
14314 145
14412 14718 14614 14812 108,300 Amer Smelting & Refining 100 109544 Apr 21 152 Aug 17
9032 Mar 14412 Dee
122 122
12112 12232 •1214 122
12134 122 *12112 122
12112 12112 1,500 Preferred
2 Mar 31 12232 Der 20 10513 Jan 11514 Oat
100
1127
•12512 128 •12512 128 *12513 12712 12314 12512 125 125 •12372 125
700 American Snuff
100 12134 Oct 6 165 Feb 9 13814 Apr 154 Nov
4434 4478 4412 4434 44's 441
4412 4432 4412 4432 4412 4434 3,100 Amer Steel Foundries_ _No par 40 May 11 47 Aug 3
37% June 4713 Dee
•111 113
112 112 *112 113
113 113 *113
*113
200 Preferred
100 11014Sept 21 115 Feb 23 108
Jan 113% Oct
*8212 8312 83
83
83
*8212 83
82
83
8272 8272 1,900 Amer Sugar Refining
83
100 6514 Apr 14 8714 Nov 26
4752 Jan 771 Dee
O108/
1
4 10912 *109 10914 10914 10914 1094 10914 10872 10872 *108 109
500 Preferred
100 100 June 19 11013 Nov 30
9114 Jan 10414 Nov
424 44
4222 44
4252 43% 4234 43/
42% 42% 14,500 Am Sum Tob new otfe_No par 2914 Aug 13 44 Dec18- 1
4 4212 43
__
Option A ctfs
100 1412 Apr 28 28 Aug 19
*2712 29
27
2712 *27
*27
2834 2834 2714 2714
29
29
600 Amer Telegraph & Cable .100 2512July 8 411 Feb 10
3734 June 47 Feb
15012 151 314834 150
14914 14934 14932 14958 14914 14912 14912 14914 7,200 Amer Talon & Teleg
100 13958June 18 151 Dec 18 130% Jan 146 Dec
12272 12412 12252 124 *122 12334 123 12312 122 122
12114 122
2,200 American Tobacco
50 11132Mar 31 12434Sept 8
85 Feb 12113 Oct
•11014 11012 •11014 11012 11014 11012 11014 110,4 1104 1104 1104 11012
700 Preferred
100 1081* Jan 4 113 May 28 104/
1
4 Jan 110 Noe
12172 12234 12112 12272 *120 121
1213s 12132 12012 12132 1204 12132 5,400 Common Class B
50 11012 Mar 31 124 Sept 8
84/
1
4 Feb 11913 Oct
*125 132 *126 12912 129 129 •126 127
127
127
*126 129
300 American Type Founders__100 114 Jan 22 135 Feb 13 103 Apr 1358s Noy
*6212 6312 6218 6338 62
63
634 5,800 Am Water Works & Elea
63,2 6234 64% 6334 64
20 4334 Apr 13 74 Jan 4
/
4 Dee
Jan 761
343*
1064 10612 •__ _ _ 106 *_ ___ 10534 ▪ _ _ 105% *104 10534 •___ 10534
100 let preferred (7%)
100 10112Mar 3 10814 Jan 27
9714 Aug 103 Feb
3334 3432 33
34
3272 3372 3314 33% 10,200 American Woolen
33
32
*321
/
4 33
100 19 June 9 42/
1
4 Jan 13
3434 May 644 Jan
87% 8814 88
87
87
87
3,500 Preferred
87
8814 8612 8734 *86
87
100 66 Apr 30 9014 Dec 7
8913 May 9612 Jan
1
1
13 Aug 13
114
118
14
112
114
114
1,4 *1
114 1,600 Amer Writing Paper prof-100
55s Jan 13
14 Dec
14
712 Jan
_
Preferred certificates_
In Aug 4
100
41
/
4 Jan 13
13 Dec
4 Jan
872 --878
--8F2 853 .813 84 - 1,800 Amer Zinc, Lead & Smelt_ __25
812 9 "-kis 87
518May 19 1212 Feb 4
7 May 1212 Jan
47
47
464 4812 4678 47
4612 47
*46/
47
1
4 47
47
3.200 Preferred
25 20 May 19 5414 Dee 10
247 May 4472 Dee
4814 4812 4814 484 4832 49
49% 18,700 Anaconda Conner Mlning_50 411
4872 4912 4872 4912 49
/
4 Mar 30 511
/
4 Aug 6
3514 Apr 534 Nov
42
4212 4234 4234 4112 4112 414 4212 *41
4112 41
41
1,000 Archer, Mulls, MidI'd_No par 3472June 11 4454 Jan 2
Jan 4613 Dec
26
*106 108 •1064 108 *106 10734 •106 10734 *106 10734 •106 10734
Preferred
100 100 Mar 4 108 Oct 18
9013 Jan 105
oot
9314 9314 .
9212 9312 93
*924 93
9272 9272
300 Armour St Co (Del) pref
93
100 9014May 21 97/
*9214 93
1
4 Jan 13
90% Mar 100
Oet
1572 16
1534 16
15%
8,500
Armour of Illinois Clam A__25 1318May 22 2513 Feb 13
15% 157
154 1512 15%
, 15% 1553
20 Mar 2713 Oct
•834 9
9
9
812 8%
8/
534May 20 17 Jan 4
1
4 8% 3,100 Class B
25
834 834
858 858
16 Dec 2034 Oat
ego
84
88 •80
*80
100 Preferred
84
85 •80
84
100 80 Apr 30 93 Feb 11
85
84 •80
90 Dec 9314 Nov
*2212 24
2258 2234 *2258 2312 2234 2334 23% 23% *2314 24,4
600 Amn Cons Corp tam at! No par 18 Apr 12 313 Jan 6
Jan
8
1738 Oat
*2212 2312 *2238 2318 *2234 234 *2212 23
*2212 2312 *22
Art Metal Construction.- __10 1912 Jan 2 2334 Oct 5
23,4
Jan 2038 Nov
15
No par 46345ept 23 6312 Jan 21
5552 55
58
5412 5512 554 56
567s 3,600 Artloom
55
5512 *54
39 June 60% Dee
•112 114 •112 114 •112 114 *112 114
113 113
150 Preferred
113 113
100 108 Mar 18 113 Dee 6 10112 Aug 110 Dee
4312 4312 4312 4432 4234 43% 4258 4314 42% 43
42
4312 10,300 Associated Dry Goods___ _100 3714 Mar 30 5478 Jan 9
4613 Aug 61% Noy
*101 102
100 1st preferred
10114 10114 .10112 102 *10134 102 •10112 102 •10134 102
100 96 Mar 25 10213 Jan 6
Oet
Jan 102
94
*107 108
600 2d preferred
108 110 *109 115
110 110 *110 115 *110 112
100 102 May 19 110 Dec 20 101
Jan 10814 Feb
400 Associated 011
*4914 50,3 *4914 50,2 *4912 5014 .
25 4454 Jan 8 60 Mar 4
4912 5014 4934 50% *4914 51
1
4 Dec
32 Mar 47/
AU
Gulf
7,100
4012
&WISS
LIne100
4014
40
401
/
4 4158
4012 4018 41
29 Oct 1.1 6838 Jan 6
4012 4112 4012 4058
20 Jan 77 Sent
Preferred
•39
/
4 3912
100 3314 Oct27 5614 Jan 30
40
*38
3914 *371
39
*37
*38
3912 *3712 39
Jan 60 Sept
31
114 115
100 97 Mar 3 12833May 24
11414 116% 116 11672 15,100 Atlantic Refining
114 11612 113 115
11334 114
9513 Jan 11712 Feb
•1164 11614 •11618 11614 *1164 11614 116% 11614 116 116
11614 11614
900 Preferred
100 11518 Oct 1 120 June 22 113 Sept 11784 June
100 Atlas Powder
*6112 63
*6212 63
*6114 63
No par 54 Mar 4 64 Nov 22
63
*6212 63
6212 6212 *61
45 June 85 Dec
*9712 98
*9712 98
Preferred
*9713 98
100
*9712 98
*9712 98
*9012 98
973
1 2 Dec 18
9013 Oct 94 Jan
200 Atlas Tack
812 812 *812 9%
No per 94
*812 938 *9
8 0
7% Jan 30
9%
-1acnt 281
938 *9
9% *9
9% Feb 21 Dee
4.1012 11
*10
600 Austin. Nichols&Co vto No par
1014 1058 *914 1014
11
1114 *1014 11
11
74 Oct 23 28 Jan 29 22 July 3213 Jan
60
1
4 62/
Preferred
100 54 Nov 3 93 Jan 6
1
4 *55
*60
65
63
6413 *63
6412 62/
6412 .
*63
Jan 95 Aug
87es
.44
*14
32
28 1,800 Auto Knitter Hosiery-No par
14
14
*14
12
13 Dec
%
2% Feb 11
3s
38
24 Oct 9
%
4/
1
4 MAY
166 16734 120,800 Baldwin Locomotive Wks-190 92/
15932 16172 18034 16512 162 164
1
4 Mar 31 16734 Dec 24 107 Mar 145 Feb
16112 163% 162,4 167
300 Preferred
11534 11534 11534 11574 *115% 116
100 105 Mar 31 11914 Nov24 107 Aug Mgt Jan
11534 11534 •11532 116% *11532 116
28
2814 2752 2814 2752 28
271
25 2312May 11 33/
/
4 27% 2712 2772 2712 274 11,700 Barnsdall Corp class A
1
4 Jan 2
183* Aug 3313 Deo
25 22/
*25
2514 2514 254 1,000 Class B
2534 2534 *2513 26
1
4 Oct 27 2913 Jan 2
2534 26
24% 25
16 Aug 30 Dee
5138 5112 •504 5134 51
No par 39 Mar 31 553 Nov 30
5234 5211 5314 521z 5314 7,100 Bavuk Cigars. Inc
5234 52
1
4 Feb
3814 Sept 53/
6013 z5912 5912 3,200 Beech Nut Packing
61
20 5214 Oct 6 717k Feb 4
60
611
/
4 *60
6138 61
61
61% .61
60 Mar 778 Aug
2852 284 z27/
27% 27% 2712 2733 2711 2734 3,400 Beld'g H'way Co tern WA/0par 2713 Dec 23 3934 Jan 4
1
4 2812 27% 28
37 Sept 4133 Deo
100 3714May 20 5112Elept 20
4752 4814 4712 48
48
4814 25,900 Bethlehem Steel Corp
4714 4812 4734 48,4 4734 48
37 June 5313 Jan
2,700 Preferred (7%)
100 99 June 1 10572 Dec 22
105 105% 10514 10512 10412 10552 10558 10572 105 10533 105 105
Jan
9314 June 102
400 Bloomingdale Bros_ _ _ No par 28 June 11 3834 Dee 15 --- - ---*3612 37
3634 3634 3612 3612 *36
3614 3612 *364 37
37
100 10414June 21 110 Dee 11
-----Preferred
•10912
*10912
•10912
- - - *10912 ---- •10912
- - •109
73
73
712 712
par
No
1,500
Booth
73
2
714
98
Fisheries
713 712
712 734
4% Mar 24
712 712
-41Jan 11
872 Oot
2 May
100 1st preferred
100 3434 Oct ii 5113 Jan 7
49
*45
49
*45
49
*45
*45
4634 46% *45
49
50
Oct
25 June 52
500 Botany Cons Mills class A-50 20 May 25 41% Jan 4
2912 •29
3013 3114 2834 2834 *2834 2912 *29
2934 *29
29,2
4033 Aug 46 July
Manufacturing__No
par
2934 29% 29/
24 Oct 20 3712 Jan 4
28
2814 294 29
1
4 19,700 Briggs
28
2734 2734 2734 28
27
Oct 4413 May
4.12
1
*12 1
•53
*12 1
•12
I
1
100
British Empire Steel
•58
1
152May
12May 5
3 Jan 18
5 Oct
1
4 191z
100
1st preferred
*911 1913 •1312 1912 *1312 1912 *1312 1912 *1313 1912 *13/
Oct
084June 29 27 Jan 28
22 July 36
100 26 preferred
2
/
4 2%
2
112June 24 10% Jan 11
100
•113 234 *112 234 •I13 234 *14 234 •11
Oct
14
632 July
4,000 Brooklyn Edison, Ino
100 133 Mar 31 163 Sept 8 1205, Jan 15613 No
15414 1547s 154 15412 153% 154 •152 15312 152 15314 15252 156
,
5
2,800
No par 68 Mar 30 98 Deo 1
1
4 9332 93
93/
*9312 9412 93% 9472 9314 94
Bklyn Union Gas
1
4 93/
93
93
731s Dec 10014 Nov
3412 3412 2,400 Brown Shoe Inc
2912June 1 48es Jan 7
No pa
3312 3313 32% 32% 3314 33% 3314 3314 3252 35
48 Dec 4614 Dee
107
____
100
_*109
June
•109
Preferred
*109
*109
•109
*109
_
5
_
111
Mar
Oat
_Mar 10
96
109
361
/
4 1,100 Brunsw-Balke-Collan'r_No par 2438 Mar 30 393* SePt 15
1
4 35/
1
4 36
38
3514 354 •35,3 35/
36
24 June 498 Jan
1
4 3512 35% 35/
500 Burns Bros new clAcom No par 121 Mar 31 144 July 23
12912 12912 *12812 129 •128 130
128 1287s 1284 1284 1274 12712
92/
1
4 Feb 136 Dee
300
New
29
*2812
2012
2812
claw B com----No Par
*28/
*2812 29
1
4 29
*2811 29
/
4 •28
Nov 4 44 Feb 13
28% 281
17 Mar 39 Dee
•9952 101
*98 101
100 97 Mar 30 10312June 22
Oct
Preferred
O9952 101
*98 101
*98 101
*95 101
9113 July 99
2,000 Burroughs Add Mach-No Par 7712 Apr 13 122 Dee 2 65 Jan 103 SW
118 118
119 11912 119 119
118 118 *118 119
119 119
•Bid and asked prices; no sales on this dap. s Ex-dividend.
New York Stock Record-Continued-Page 3
3297
For sales during the week of stocks usually inactive, see third page preceding
rdIS WI Al AIN
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 18.
Monday,
Dec. 20.
Tuesday,
Dec. 21.
Wednesday, Thursday,
Dec. 22.
Dec. 23.
Friday,
Dec. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& &Raced.(Con.) Par
*25
27
27
27
27
27
27
27
27
2834 29
3034 7,200 Bush Terminal new__ __No par
100
*92
93
Debenture
*92
93
*92
93
*92
93
*9212 93
*92
93
*10212
Bush Term Bldg., pref
100
*102/
1
4 _ __ *103
__ *103 _ _ *103
_ _ *103
*414 -438
4/
5
1
4 412
43s _-4%
4% 118
418 414 1,600 Butte Copper & Zinc
4
118
100
524s 5248 5234 5234 511
5214 51
/
4 5212 511
/
4 5214 52
5184 2,700 Butterick Co
12
11
11
11
11
*1112 12
*1112 1212
300 Butte & Superior Mining- 10
1134 1134 *11
6712 71
658 7034 68
68
67
67
*67
69
3,100 By-Products Coke_ _ _ _No par
*67
69
4212 *41
4238
600 Byers & Co (A M)..--No Par
•394 40
4018 4018 40% 40% 4018 4134 *41
7112 7114 7112 15,800 California Packing--No par
7012 71
708 7134 7034 7212 7114 7134 71
31
3114 31
25
3112 3114 3138 3118 3138 31
3114 31
3114 11,800 California Petroleum
*158 134
15
134
10
18 158
15
134
158
158 3,400 Callahan Zinc-Lead
134
112
6834 6834 6818 6814 6818 6818 *68
6812 68
10
6818 *67
6812
800 Calumet Arizona Mining
•1538 158 1538 1512 1512 157
25
1514 1538 1512 1512 1538 1538 1,700 Calumet & Heels
153 15434 149 153
14918 151
150 15112 15014 15134 153 154
100
3,000 Case Thresh Machine
114 114
11412 11412 *115 120 *115 120 *115 117 *115 117
100
300 Preferred
712 *714 734 3,700 Central Leather
714
712 734
712 734
100
734 734
712 738
5178 52
5112 53
5214 5238 5258 53
100
53
5312 5338 538 5,900 Preferred
1318 1414 1412 1514 1412 1514 1458 15
1412 1412 14
14
4,400 Century Ribbon Mills_No par
*7814 86
*7814 89
100
*7814 89
*7814 89
*7814 89
Preferred
*7814 84
6384 6334 6238 6314 63
6358 63
6312 6318 6314 *621 6278 2,900 Cerro de Pasco Copper_No par
4218 4214 4134 4218 4134 4134 4134 4134 4134 4134 4134 4134 2,100 Certain-Teed Products_No par
*104 107 *104 107 *104 105 *104 105 *104 107 *104 10712
100
1st preferred
*834 87
834 834
858 834 *812 834 *81
/
4 834
812 812
700 Chandler Cleveland MotNo par
2234 23
22212 2248 2212 2234 2114 2238 22
No par
2212 22
22
5,000 Preferred
•117 119
119 119 *117 119
119 120
126 12818 7,700 Chicago Pneumatic Tool_ _100
12138 126
4934 4934 49
4934 497 5118 4938 51
No par
49
4914 4912 501/4 4,700 Childs Co
34% 3553 347 3518 3434 35
25
19,300 Chile Copper
347 3514 348 348 3434 35
*22
27
•22
27
*22
27
*22
5
27
*22
27
*22
Chino Copper
27
35
35
3512 3512 *35
36
*35
36
35
35
35
35
1,000 Christie-Brown certifs_No par
4118 42
4034 42
4034 4112 405 4134 4113 .425
414 4212 113,700 Chrysler Corp new_ _ _ _No par
*101 10414 10412 10412 10438 10412 *10212 10414 *10212 10312 103 10312
No par
500 Preferred
60
6018 6034 6034 6012 6034 6012 6034 6012 61
61
61
1,800 Cluett. PealiOdy ci---Co_ _ _ _100
*113 117 *113 117 *113 117 *113 117 *113 117 *113 117
100
Preferred
16758 16812 168 16938 168 16812 16814 16834 16812 16812 16812 174
17,800 Coca Cola Co
No par
6258 6278 6238 6318 63
6512 66
67% 6712 6918 68
6912 38,200 Collins & Aikman
No par
125 126
125 125
12912 130
13112 13434 13612 137
137 13812 4,300 Preferred
100
4578 4614 45
45
4512 45
45
45
447 4534 45
100
4514 4,700 Colorado Fuel & Iron
*68
69
68
6812 6814 6814 6814 69
68
6834 *68
6812 2,000 Columbian Carbon v to No par
*88
89 .87
8814 88
88
90
*8912 90
90
*8934 90
800 Col Gas & Eleo
No par
•11614 119
11612 11612 *11612 119 *117 1188 *11612 119 *117 1188
100
Preferred
1812 1858 1812 1834 1812 19
1812 1834 188 187
185 187s 2.500 Commercial Credit_ -No par
2312
.02212 23
*22
2312 *22
24
*22
23
*22
2312 *22
25
Preferred
*23
24
*22
24
*23
24
*23
24
*22
24
*22
25
24
Preferred B
*86
8812 86
86
*86
8812 *86
89
*86
89
100
86
86
300 1st preferred (6)0
*5712 59
*57
59
*5712 578 57
57
58
58
58
58
300 Comm Invest Trust- --No par
*9714 101
*98 101
*98 100
"98 101
*98 101
*98 101
100
7% Preferred
*9178 9312 *9212 93
*9212 93
*9212 93
92
9212 9212 02'2
100
300 Preferred (6)0
219 22234 x218 22212 219 2204 21912 22112 22134 233
230 233'4 18,200 Commercial Solvents B No par
1938 1912 1912 2114 19% 2018 1914 193A
1918 1912 1914 1934 25,500 Congoleum-Nairn Inc_No par
*55
5512 553 5534 553 5534 53
55
54
55
543 553* 10,400 Congress Cigar
No par
*58
Conley Tin Foil stpd_ __No par
*13
34
kl
"8
34
"8
34
"8
34
"8 '
82
8312 82
83
8212 8318 83
84
84
848 844 8413 13,600 Consolidated Clgar____No par
*98 10212 .98 10212 *9838 10212 102 102
"99 10212 *99 10212
200 Preferred
100
15
158
134
134
134
134
134
134
158
134
1,200 Consolidated DIstrib're No par
134
138
10958 11012 110 111
1097a 11114 11018 11034 11012 11012 11012 11012 15,000 Consolidated Gas(NY) No par
33
4
348
414
4
334 37
334 334
334 37
4'o 38,800 Consolidated Textile_ _ _No par
75
763
76
7612 7512 76
743 7514 7412 7514 7453 745
6,000 Continental Can, Inc_ _No par
•140 141
140 141
1,300 Continental Insurance
25
14018 14018 14018 1407s 14058 14038 140 140
1134 12
1134 12
1134 12
11% 12
12
134 1314 1312 118,700 Cont'l Motors tern ctfs_No par
5014 51
51
5158 51
513
50% 5114 51
5138 5012 5158 63,100 Corn Products Refill w 1._ 25
12818 12818 *128 129
1287 129
12934 12978 1294 13014 *12931 1307
1,500 Preferred
100
*6118 6134 x5978 597
5834 58% 5734 5812 *5734 58
5712 5738 1,200 Coty, Inc
No par
82
8212 81
8112 •79
81
80
8112 8012 8012 81
8112 5,600 Crucible steel of America_100
*102 10312 103 103 *102 104
103 103 *10212 104 *102 104
100
200 Preferred
324 33
33
34
*3278 3314 *3273 3312 33
33
3278 3338 3,300 Cuba Co
No par
1014 1012 1018 1058 1018 1018 *1018 1014 10
10
No par
10
2,200 Cuba Cane Sugar
1058
4814 49
4814 4878 4712 4814 47
100
48
4718 4734 47
4718 8,100 Preferred
28
2834 2712 2838 27
11,900 Cuban-American Sugar_- 10
28
2712 2818 2714 2738 *274 28
•105 110 *105 110 *105 110 *105 110 *105 110 *105 110
100
Preferred
*1812 184 1858 1858 1814 1814 *1734 183 "173 185s *1734 1858
500 CubanDom'canSugnewNopar
50
5312 54
5318 54'2 53
531
5318 5312 5238 5314 5258 527 12,100 Cudahy Packing new
No par
•100 10214 10014 10014 10012 10012 *100 10412 10134 10134 103 104
600 Cushman's Sons
No par
*33
34
3318 33'8 3238 3318 3214 3214 "3214 3234 *3212 3258 2,800 Cuyamel Fruit
2658 2714 2678 265
30
2858 2938 2812 2878 2834 2912 12,100 Davison Chemical v t c_No par
27
100
1,800 Detroit Edison
13812 13812 213612 l367a 1353 13534 135 13538 13438 136
1
4 13614
136/
3918 3918 3918 4112 x40
4112 4112 15,200 Devoe & Raynolds A__No par
4118 42
4058 404 42
26
29
28
2812 93,900 Dodge Bros Class A___No par
2653 2534 2638 2534 26
258 274 28
84
8414 8418 84'2 84
No par
844 85
4,900 Preferred centre
8478 8412 8478 8434 85
117 12% 12
No par
1214
1114 1114 4,400 Dome Mines. Ltd
1134 1134 *11
1134
1114 1114
*42
44
*42
4412
45
400
Douglas
Pectin
No par
44
45
4412
44
44
45
"43
11578 11578 *11534 116
500 Duquesne Light 1st pref_100
1158 116
116 116
116 116 *11614_
12414 127
128 13014 1284 12953 12814 1293* 129 13512 13434 1-3-812 24,200 Eastman Kodak Co
No par
26
2614 Ms 2658 *2534 264 2534 2618 2618 2614 2534 2534 2,400 Eaton Axle & Spring_ No par
16712 1711g 16938 17178 16834 17114 170 171
17214 17958 30,900 E I du Pont de Nem new_ No pa
17014 172
109 109
10812 10878 *10718 10834 10878 10878 109 109 *10718 110
700 6% non-vot deb
100
*1112 1218 115* 12
1158 1158 118 12
5,000 Elsenlohr & Bros
25
*1134 1178 1178 12
6412 6412 *64
65
64
No par
64
6312 6312 6512 6512 1,500 Electric Antoine
62
63
118 12
1138 1134 1 158 1278 12% 1434 1338 1418 137 151
No par
/
4 85,600 Electric Boat
1714 1712 1712 1738
1714 1712 1753 19
No par
1812 1812 1818 1812 25,300 Eleo Pow & Lt ctfa
*104 10458 *104 10453 •104 10458 •104 1045* 10458 105 *104 10478
200 40% pr pd
•10312
-- *10312 _ _ *10312 _ _ *10312 _ .*10312
_ *10312 _ _ ___ ___
Pref full paid
*96 -9-638 *96
9833 9612 -9812 96 -96
9612 -9134 *9514 97
- -14
400 Preferred certifa
3634 3714 3534 3758 35
364 3518 355
3512 3518 3512 16,700 Electric Refrigeratlon_No par
35
82
83% 8234 837
7,100 Elm Storage Battery__No par
8111 8253 8153 82
8112 8178 8112 817
*1
2
*I
2
*1
2
*% 2
Emerson-Branthagham Co_100
*34 2
*34 2
"7
11
*7
*7
11
11
*7
11
*7
11
Preferred
100
11
*7
6812 681
67% 68
*6712 69
68
68
6712 6734 --------886 Endicott-Johnson Corp_ _ _ 60
116 116 *11512 116 *11512 116
116 116
11614 1614
100
500 Preferred
116 116
1208 12014 12212 12212 12212 1221 *122 124 *12214 12312
*121 123
400 Equitable Office Bldg pfd_100
673
66
6778 6838 66
6612 66
6712 68
21,400 Eureka Vacuum Clean_No par
87's 6714 68
*15
151 *15
1514 *15
1514 *15
1514 *15
1514 •15
Exchange Buffet Corp-No par
1514
*212 4
nix 4
*212 3
nix 4
*212 4
*212 4
Fairbanks Co
25
4238 4212 42
4258 4214 4214 4178 417 *4178 43
4118 418
3,700 Fairbanks Morse
No par
*108 111
10938 1093s 10953 10958 1087 1087 *107 109 *107 109
400 Preferred
100
114 11412 1144 11538 11414 11478 11334 11458 11412 11518 114 11514 20,600 Famous Players-Lasky_No par
12214 12214 *12014 122 *12014 12112 *1201,1211 *1201212212 *12014 122
100 Preferred (8%)
100
4114 4214 41
417 4248 4148 421
4314 19,600 Federal Light & Tree
4314
15
4358 43
94
*93
9318 94
__
93
*93
_ _ *93
_ ___ ___
Preferred
No par
93
*84 13 *93-93
*84
94
93
*85
*84
93*84 --93
100 Federal Mining & SmelVg_100
76
*7512 77
76
78
*7512 77
•76
76
76
76
77
900 Preferred
100
*190 19512 195 195 *194 195 *19414 195
195 195
195 195
300 Fidel Phen Fire Ins of NY. 25
*1512 1612 *1512 161 *1512 1612 1512 151 •14
1512
300 Fifth Ave Bus tom etfs_Ne par
153 *14
_ 9912 *_ _ 9912
o____ 101 •____ 991 *____ 9912 *____ ow •
First Nat'l Pio, let pref--100
301 *29
3012 291s 2918 TP
•29
30
31
Z6
30
No par
30
1.100 First Nat'l Stores
17
171
/
4 1718 1738 1718 1714 26,400 Flak Rubber
174 1714 178 1718 1714 17
No par
*7912 80
80
7934 80
80
*7912 80
795 793
7934 80
1,900 1st preferred stamped_100
*98
9812 *98
9858 98
*98
9812
100
•96
9712 9712 98
98
400 1st preferred cony
473
4634 47
4634 4678 4658 4714 4714 4778 23,100 Fleischman Co new____No par
4712 4712 47
7518 76
No par
7314 77
75
7334 737
752
7514 7512 7534 7612 5,425 Foundation Co
73
735
715* 73
733* 27,500 Fox Film Class A
7112 728 7212 731
7234 73
73
No par
3178 33'8 328 34
34
3218 33
35/
1
4 347 3538 3518 3512 70,000 Freeport Texas Co.....No par
2914 2914 2914 2912 2938 2953 293* 8,900 Gabriel Snubber A
No par
2858 3014 28
*3014 31
77
8
•714 8
.7/
1
4 8
814
838 *8
8
8
814
1,500 Gardner Motor
No par
4614 4612 46
46
4611 4612 463 47
46
46
46
46
100
2,100 Gen Amer Tank Car
100
"109 110 *107 110 *107 10912 *107 1091 *107 10912 *107 10012
Preferred
8518 8634 8612 8758 38,200 General Asphalt
100
8412 8514 8412 863* 8412 8534 8414 85
13134 13134 *126 131 *125 131
*126 132
100
128 12858 131 131
500 Preferred
*5312 54
547 5448 54
5434 5418 544 *54
*5312 54
800 General Cigar, Inc new_No par
5412
.*116
__ *116
.•116
*116--_ *116
_ *116
100
-__
Preferred (7)
*1151
/
4 11712 *11512 1-1-7-1 *11512 1-1-712 *11512 1-1-7-12 *11334 117-12 *11334 117-12
Debenture preferred (7)-100
56
56
5614 5614 56
56
5534 56
6638 6618 5512 557
1,600 Gen Outdoor Adv A__ _No par
37% 3714 3734 3734 3812 38
38% 3818 3834 6,900 Trust certificates-_No par
37
36% 37
100
_
General Electric)
8612 8614 873s 8612 8738 86
87
No par
8718 8612 8714 86
40,900 New
86
* Bid and asked prices; no sales on this day. z Ex-dividend. a Ex-rights.
42
Range Since Jan. I 1926.
On basis of 100-share lots
Lowest
g per share
1634 Mar 18
86 Apr 6
9912 Jan 20
4 Dec 23
1734Mar 3
718May 18
53 June 30
28 Mar 29
664 Oct 18
2934 Oct 11
112 Mar 26
5512 Mar 29
1338 Mar 31
6212 Jan 4
96 Jan 5
7 Nov 11
4314 Apr 28
1014 Oct 25
83 May 25
5712 Jan 22
36I8May 20
100 May 22
812 Nov 5
2034 Dec 9
9412 Apr 8
4518May 19
30 Mar 3
18 Mar 3
2912 Oct 15
2812Mar 30
93 Mar 30
60 Dec 18
10314 Jan 13
128 Mar 24
3434May 27
9834May 27
2738 Mar 3
5558 Jan 26
6312Mar 29
11134Sept 13
1612 Nov 13
2114 Nov 13
20 Nov 16
86 Dec 20
55 Apr 12
97 June 7
89 May 7
11814 Jan 4
1212May 13
4012May 17
12 Oct 8
4514 Apr 15
91 Mar 31
112 Aug 13
87 Mar 30
114May 10
70 Mar 30
122 Mar 31
978May 17
355sMar30
12212 Jan 6
44% Mar 29
64 Apr 15
96 Mar 30
2814 Oct 30
858May 22
3512June 8
2014 Aug 10
9734 Jan 5
1512Sept 24
5118 Nov 19
7712Mar 1
32 Nov 26
2318 Oct 20
12312 Mar 30
31 Oct 7
2114May 17
7912May 17
8 Oct 18
19 Mar 20
11112Mar 3
10658Mar 30
23 Oot 20
15434 Nov 4
10034 Apr 20
1034 oct 11
6134 Mar 31
4 Mar 23
1514 Oct 7
9912 Mar 30
10212 Oct 5
8912Mar 24
33% Dec 9
7118 Mar 3
1 May 20
5 May 20
6512Mar 31
114 Jan 7
9978June 17
43 May 19
1434July 20
2 Apr 16
4012 Oct 20
10612 Nov 23
10318 Jan 19
115 Mar 31
28 Mar 31
86 June 18
41 May 22
61 Mar 3
160 Apr 15
14 Oct 14
96 May 18
28 Nov 27
1414May 20
76% Apr 19
94 June 3
32/
1
4 Mar 29
734 Dec 17
5518 Mar 31
195* Jan 13
2558 Nov 11
538 Nov 5
39 Mar 29
9912June 24
50 Mar 3
9478 Mar 3
46 Mar 29
109 Jan 11
10914 Apr 12
51 Mar 30
265s Mar 30
285 Apr 15
79 June 9
Highest
ran CUS111SM
Range for Preston!
Year 1925.
Lowest
Highest
$ per share g per share g per akar*
3414 July 14
145 June 26 Dee
93 Aug 2
80 May 89% June
104 Nov 19
9612 Jan 103 Dee
414 Mar
64 Feb 10
834 Jan
71 Sept 15
17 May 2834 Jan
1614 Jan 11
611 May 2414 Jan
90 Sept 27
23 Oct 447; Oct
4478 Nov 16
17912 Feb 4 10012 Jan 3612 Nov
3818 Feb 10
237 Jan 3438 Deo
114 Oct
238 Jan 15
434 Feb
7358 Aug 9
45 Apr 6118 Dec
1812 Aug 9
1214 May 1838 Jan
176 Aug 6
24 Mar 6812 flee
11812 Aug 10
60 Mar 10712 flea
2012 Jan 5
1434 Mar 2338 Oct
6834 Jan 5
4914 Mar 71
Oct
3278 Jan 8
3034 Sept 4712 May
90 Jan 21
94 Dec 9834 Jag
7312 Aug 9
434 Mar 6438 Nov
4912 Jan 5
4034 Mar 5838 Sept
106/
1
4 Nov 9
8912 Jan 110 Sept
26 Feb 11
4514 Feb 15
12818 Dec 24
8014 Mar 128 -11/••
6638 Jan 4
498 Mar 747a Oct
3012 Mar 3738 Jan
3638 Jar. 6
28 Nov 4
19 Apr 2838 Feb
625 Dec 6412 Dee
6334 Jan 4
___
547 Jan 9 __ ____
108 Jan 2 1004 July 1117
___8 Nov
6812 Jan 7
5812 Mar 7134 Jan
116 Sept 17 10312 Jan 109 Sept
80
Jan 17734 Nov
174 Dec 24
6912 Dee 24
13812 Dec 24
32/
1
4 -Alw 4914 -Jan
4958 Oct 2
45 Mar 6234 Dee
7034 Dec 14
9034 Dec 6
4534 Jan 86 Oct
11713 Nov 25 10414 Jan 11412 flea
4712 Jan 14
3812 Sept 551a Dec
2614 Jan 13
2514 Sept 2718 Oct
2734 Jan 11
2614 Sept 2734 Dec
9912 Feb 26
50 Jan 8412 Nov
72 Jan 11
104 Jan 28 100 Nov 10712 Nov
100 Jan 13
76 May 189
Jan
237 Nov 23
157 Nov 4312 Jae
2938Sept 1
56/
1
4 Nov 30
-12May 17 -Feb
1 Mar 12
2612 Jan 6334 Dec
8714 Dec 14
7934 Jan 98 Dec
10738July 28
95 Fell
34 Jan
612 Jan 7
744 Mar 97 Dec
1158 Aug 6
2% June
514 Jan
4/
1
4 Nov 22
6012 Mar 9312 Dec
9212 Jan 2
14434 Jan 9 103 Jan 140 Del
84 Jan 1512 Oct
1312 Dec 24
3238May 4238 Dec
5158 Dec 20
13014 Dec23 11818 Jan 127 July
48 Aug 6012 Del
62 Dee 9
6412 Mar 8458 No
824 Dec 11
92 May 102 Dec
104 Dec 14
4414 Dee 542 Oct
5338June 20
1112 Jan 29
71.1 Oct 1438 Feb
3718 Oct 6238 Feb
5038 Dec 11
20
Oct 3312 Mai
3038 Jan 28
105 Nov 19
937k Nov 101 Mai
2014June 7
55 Dec13
105121sept 2
62 Mar 104
Ocil
44 Nov 59 May
51 Jan 14
277 Apr 4984 Jai
4634 Feb 17
14112 Dec 13 110 Jan 15912 &Pi
53 Oct 90/
1
4 Del
10418 Feb 10
2134 June 4834 Nov
47/
1
4 Jan 2
90 July 20
7311 May 9112 0.31
1234 Apr 1818 Not
20 Mar 13
14 Feb 2312 Aug
46 Nov 27
11634 Aug 10 105 Jan 11313 Dec
13612 Dee 24 10434 July 118
Jai
1012 Feb 3013 Del
3234 Feb 14
1795 Dec 24
11018 Dec 10
94
Jan 1041-2 -Not
2012 Feb 1
82 Feb 1
1512 Dec 24
1
4 Ad]
1738 Apr 40/
3412 Feb 10
115 Feb 11 100 Mar 110 JUDI
11012 Feb 26 100/
1
4 Mar 11034 Juni
9814Sept 10
8978 Aug 9434 DOI
7812June 23
9418 Aug 19
6034 Mar 80 Dec
118 May
Me Jul]
4 Feb 1
24% Jan 29
8 May 2638 Aug
6334 Apr 747$ &opt
7238 Feb 8
120 Sept 15 111 May 11814 001
13214July28_5712 -Del
48% Nov
6838 Dec 18
131s July 1978 Jaz
17 Apr 22
434 Am
214 Mar
Adept 11
32/
1
4 Jan 5438 00
5934 Feb 10
115 Feb 9 10612 June 1101s Nol
12712June 11
9014 Feb 11434 Jull
12412 Dec 6 10378 Feb 120 Jul]
26
Oct 3714 Dec
4712 Dec 13
8212 Sept 89 Del
94 Dec 20
1514 Mar 9512 Dec
11138 Jan 5
4912 Mar 114711 Del
105 Jan 8
20014 Jan 23 1474 Jan 179 Del
12
2138 Feb 9
Jan 1784 Jul]
107 Feb 13
3812 -Dee 40 Del
4938 Feb 5
1011 Mar 2834 Ool
2614 Jan 13
8414 Mar 16
107 Mar 1
5612 Feb 1
90
Jan 18334 Noi
17934 Jan 29
85 Jan 2
6812 Sept 85 Del
8 Mar 2474 006
36 Dec 3
42 Feb 11
28% Aug 397s Not
93 Jan 4
418 Jan
1614 Mal
444 Aug 60
5538 Jan 2
Oct
109 Dec14
938 Feb 104 Nos
4212 Mar 70 Dec
9414 Aug 28
1401a Aug 28
8612 Mar 109 Dec
5912 Feb 11
118 Dec 8 105 Jan 11114 ifill
1181
/
4 Feb 10 104 July 116 Del
451 Aug 6484 Sept
563s Aug 4
2618 Aug 348 Deo
38341380 24
38612 Feb 19 2271 Feb 33714 Atli
95% Aug 14
3298
New York Stock Record-Continued--Page 4
For sales during the week of •tocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 18.
Monday,
Dec. 20.
Tuesday,
Dec. 21.
Wednesday, Thursday,
Dec. 22.
Dec. 23.
$ per share $ per share $ per share $ per share $ per share
1114 1112 1114 1112 1138 1112 11% 1112 1114 1138
*43
44 .4218 44
43
4334 44
44
*43
44
*98 _ __ - *9812 ____ *9812 100
9912 9912 *9812 100
'112____ •112
___ *112
_
•112 113 *112 113
*93
96
*9312 -96
9334 -933-4 *9313 96
•9312 9412
149% 15278 15014 15314 15038 153
15113 15358 153 15478
12112 12218 121 121
121 121
121 121 *12014 121
*104
*104
10434 10434 *104 ___ *104
____
Friday,
Dec. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share Shares. Indus. & Miscell. (Con.) Par
1138 1138 6,700 General Electric special____10
500 General Gas & Elea A__No par
*4218 43
100 Preferred A (7)
No par
*9812 100
100 Preferred A (8)
No par
113 113
100 Preferred B (7)
No par
*9312 96
15478 15838 625,200 General Motors Corp No par
100
1207 12078 1,100 7% preferred
300 8% preferred
100
10412 105
General Petroleum
25
f-341-2 -86-34 8 3.4 -8612 iill -8-534 814 iilz irz -8578 851.3 -8-12 11:1,___aF)F) Gen Ry Signal new____girPar
*10212
__ •10212
__ •10212
__ •10212
___ ------ Preferred
__ *103 . __ •103
100
*43 -45
*43 -4-5
*43 -45
General Refractorles___No par
*43 -45
*43 -45
*43
45
45
46
45
4312 4412 4212 4312 4314 4334 5,100 Gimbel Bros
4538 4434 45
No par
*103 104
104 104 *10314 104 *10312 104
700 Preferred
104 104
104 104
100
1834 1878 1878 1914 19
2,500 Glidden Co
19
187 1878 1838 1838 •1858 19
No par
*4412 45
44% 4412 44
4412 1,600 Gold Dust Corp v t e No par
44
44
4334 44
4334 44
4312 4414 4312 4414 4338 4334 4358 4414 435 4414 4318 432
9,500 Goodrich Co (I3 F)
No par
95
9534 9478 9478 *9412 95
500 Preferred
100
*9412 95
9412 9412 *9412 95
97
97
9734 977
*9812 9912 99
9712 9734 9712 99
9912 2,200 Goodyear T & Rub pf v t 43_100
10414 10414 *104 105 •104% 106
500 Prior prerorrea
100
10438 10478 *10412 10512 105 105
817 6178 6118 6118 6118 6118 593 61
5918 6018 593 6178 10,400 Gotham Silk Hosiery __No par
.61% 6314 6134 613 *62
No par
6212 5958 6134 59% 60
6058 6112 2,300 New
•11118 112 *11114 112 *11114 112 *111 18 112 *11118 112 *11118 112
100
Preferred
*958 10
912 978 *612 10
912 934
1,300 Gould Coupler A
No par
912 938
912 912
3538 353
35
8,300 Granby Cons M Sm & Pr_100
3412 3312 34
3538 343 3434 3412 3434 34
10818 10812 10734 109
10712 108
10758 1088 108 10818 108 10814 5,000 Great Western Sugar tern ctf25
11814 11814 11614 11614 11712 118 *11712 11838 *11712 11818 *11712 11812
600 Preferred
100
4,300 Greene Cananea Copper
*3312 34
33
3012 3038 31
32
33
100
31
3112 3012 31
1,600
*912 934
9
9
Guantanamo
Sugar__Ne
912 934
pa
91s 918
9% 918
9
9
4,900 Gulf States Steel
5612 5678 5612 567
5714 567 57
100
5618 56
5614 5614 55
6012
200 Hanna 1st pre class A__ _100
5914 *58
*56
59
*59
59
59,4 *58
58
58
*58
*26
27
26
26
'600 Hartman Corp class A_No par
27
*26
2714 *26
27
2618 2618 *26
21
18
197
7,700 Hayes Wheel
22
No par
1718 19
20
2034 19
1934 1834 1834
*7538 8018 *7538 80
80
*75
80
Helme (CI W)
7912 *75
25
*75
8018 *75
2212 22
22
600 Hoe (R) & Co tern ctts_No par
*2212 24
*2212 24
•2212 24
2238 2212 *22
*60
62
*60
Homestake Mining
62
*60
62
100
64
- *61
43
1,400 Househ Prod,Inc.tern ctfNopar
-44T4 -4138 4412 4412 44 -4414 4334 4334 4312 4312 43
6212 618 6212 3,800 Houston Oil of Tex tern 0.18100
6012 6118 6034 6158 6012 61
*6012 604 61
407 41
3,800 Howe Sound
No par
407 4078 4012 41
4014 4013 4014 4078 40% 41
52% 5014 52 161,500 Hudson Motor Car
No par
4618 473
4614 4734 4614 4878 48% 5112 51
22
2218 2138 2214 2112 2218 2112 2134 214 22
2134 2218 8,900 Hupp Motor Car Corp10
3118 32
314 32
20,600 Independent Oil & Clas_No pan
3138 3238 313g 3214 3118 3112 31% 32
*1512 17
100 Indian Motocycle
*15
17
No par
•1534 17
*1534 1678 158 1534 .1534 17
9
9
1,600 Indian Refining
10
834 9
858 88
*814 8% •814 838
838 838
Certificates
8
758 8
8
2,100
*8
758 758
10
812
*8
814
734 734
Preferred
*95 107
*95 107
*95 107
*95 107
100
.95 107 .95 107
95
94
*92
*92
95
400 Ingersoll Itand new___ _No par
94
94
94
95
*92
95
95
4212 4212 43
4314 4212 4318 42
10,900 Inland Steel
No par
4038 4112 4218 4334 43
Preferred
•____ Ill *____ Ill *____ Ill *____ 111 •____ Ill *____ Ill
100
2618 26
261s 2618 26
26
26
2638 257 26
257 25% 2,300 Inspiration Cons Copper--_20
1334 1334 1312 135
14
1312 1312 2,400 Intercont'l Rubber__No par
14
1414
1312 1334 14
10
10,8
978 10
10
10
1038 1038 10% 1014
No par
95
934 2,400 Internal Agricul
63
*6212 6334
644 6434 63
65
900 Prior preferred
100
6214 6214 0218 6218 *63
56
5618 5534 56
5512 56
25412 5413 5412 5434 5412 5412 3,600 Int Business Machines_No par
5218 52
52
52
5178 517
*51
5112 50
5012 5012 52
4,700 International Cement_ _No par
10334 10334 10334 10334 *10334 105 *104 105 *104 105 *104 105
300 Preferred
100
4414 45
4514 4614 4534 4612 443 4638 4538 4638 4612 5038 112,600 Inter Comb Eng CorpNo par
154 1548 15314 15578 1528 15412 15314 15412 15338 155 214512 14912 16,600 International Ilarvester_100
12634 127 *127 12714 12718 12734 127 12712 12738 12713 12712 12734 2,300 Preferred
100
634 7
*7% 714
612 64
7
7
714
3,300 Int Mercantile Marine_ _100
614 634 *614
387
41
3834 3978 3812 3938 20.600 Preferred
385 3914 38
100
3938 3934 39
6312 647
6318 64% 63% 6312 6312 64
6334 6414 6418 6514 10,300 International Match pref35
3712 377
371* 38
371 3814 3712 377
3712 3734 3738 3758 13,900 International Nickel (The)_25
___ *10412 _ _ *104% _ .*10412 _ _ *10412 _
*10412 __ _ *1041
Preferred
100
58
2-59
5734 58
5,300 International Paper
5712 -533
100
5714 -5714
5718 57-34 577o 577
9812 9838 9838 9838 988 9812 9812 9858 9858
•98
600 Preferred (7)
100
98
98
100 International Shoe__ _No par
*159 160
159 159 *15812 161 *157 161 *157 161 *157 161
100
11814 11834 119 12112 12012 12312 12314 12538 1251 12712 12534 12778 90,400 Internet Telet) & Tel-eg
No par
800 IntertyPe Corp
*2112 22
2112 218 *2114 22
*2112 22
22
22
*2114 22
100
47
47
4914 5112 52
4712 4734 48
5612 5312 5512 11,400 Jewel Tea, Inc
50
100
500 Preferred
*125
__ *115 ___ *118 125 *120 125
124 124 *120 12412
1,600 Jones Bros Tea, Inc,stpd_100
107 1-11012 1034 1038 1032 1014 10,2 1014 1014 *1014 11
No par
19
1938 1712 1834 1714 1812 1814 1918 20
22
2178 224 8,000 Jordan Motor Car
Kansas Gulf
10
33
*14
*14
%
35
*14
*14
514
38
38
*14
38
*11314 11412 11412 11412 s114 11412 *114 11412 114. 114 *113,3 11412
200 Kan City P&L 1st pf A_No par
47
4912 4812 49% 49
5014 4918 51
4938 504 25,600 Kayser (J) Coy t c_ __No par
493 497
25
11
1218 11
1034 11
1038 12
1112 1078 11
11
11
1,700 Kelly-Springfield Tire
100
48
4914 49
50
49
*42
300 8% preferred
*45
50
51
*45
•45
50
100
*4412 53
*48
52
49
*47
4912 50
50
49
50
49
400 6% preferred
100
*84
89
90
88
90
*83
*85
88
88
*83
88
88
200 Kelsey Wheel, Ins
No par
6238 62% 6258 6318 6212 624 6238 6212 20,100 Kennecott Copper
6238 63
62% 63
4
3
3,700 Keystone Tire & Rubb.No par
%
58
84
34
34
3
78
78
78
3
•47
55 .47
*47
45
No par
*4718 51
47
•44
47
484 *44
Kinney Co
10
5534 5612 56,8 5612 5534 5614 5512 557 55 56121 55 5512 18,200 Kresge (S 5) Co new
*110 11338 •105 11338 *100 11338 *107 11338 *107 11338 •107 11338
100
Preferred
20
2012 20
20
*20
21
*19
300 Kresge Dept Stores__No par
201s *19
21
*18,3 2012
100
99
*7912 80
87812 90
*78% 85
*79
Preferred
*7812 84
*7812 89
*185 189 *185 189 *185 189 *185 189 *180 190 •180 190
Laclede Gas L (St Louls)._100
22
213$ 22
22
2134 2218 213 2178 2178 22
2178 2218 14,000 Lego 011 & Transport_No par
No par
6612 644 6514 6412 654 8,200 Lambert Co
64
266
6814 6612 67
6712 68
712 8
No par
8
812
712 712
758 758
8
8
714 4,300 Lee Rubber & Tire
714
No par
3618 3634 *363 3612 3638 3678 3,000 Lehn & Fink
3718 3712 3712 3734 3634 373
No par
23
2312 23
2234 2312 2212 2234 2212 23
2314 23
2314 3,600 Life Savers
700 Liggett & Myers Tob new_ _25
*99 100
0812 9812 899 10014 9912 0912 *99% 100
•98 100
100
125 12538 *124 12512
300 Preferred
*124 128 •124 128 *124 128 *124 128
25
987 9914 9914 9912 9938 9934 9934 997
3,200 "B" new
98
0812 983 99
No par
6458 65
*6512 66
65
6412 65
6614 4,500 Lima Lot Wks
67
663$ 6678 66
44% 4512 4512 4614 17,900 Loew's Incorporated_No par
4434 45
4458 4434 4413 45
4438 45
No par
7
512 634
7
658 658
65a 6%
*612 7
612 613 1,200 Loft Incorporated
4214 42
42
4212 4212 .4214 42% 42
1,500 Long Bell Lumber-Ar.:_No par
4238 4238 4212 43
168 168
100
16934 16934
400 Loose-Wiles Biscuit
172 17234 *165 169 *165 169
*168 170
100
164 164 *160 175
100 2d preferred
*160 167 *160 175 *160 175 *160 175
25
3234 10,989 Lorillard
3112 3138 3134 3114 3134 . 31
3034 3034 3018 3114 31
100
100 Preferred
•11678 11734 11734 11731 *11634 1173 *11678 11738 *1167s 1177s *116% IllIs
1634
1638 1634 35,200 Louisiana Oil temp ctfs_No par
1638 1634 16
1612 17
1612 1634 1612 17
1,100 Louisville 0& El A ___ _No par
•2372 24
*2378 24
*237 24
2378 24
2418 2412 2378 24
No par
25
25
26
*2514 2578 2,900 Ludlum Steel
2414 2434 25
26
22438 25
*25
100
130
130
*129
130
130
12812 12812 1.200 Mackay Companies
127 12914 12914 134 *12912
100
*708 72
*7034 72
600 Preferred
*7034 72
*7034 72
71
71
*7034 72
No
par
48,600
Mack
Trucks,
9614
973
Inc
4
9738
98
993
4
97
06
98
,
2
98
953
4
97
993$
100
200 1st preferred
1101* 11014 *110 113
110 110 *110 112 *110 112 *11012 113
100
26 preferred
*102 106 *104 106 *104 106 *104 106 *104 106 *103 106
1,200 Macy (R H)& Co,Ina_No par
129 131
12938 12938 12912 12934
128 130
*124 130 *125 130
100
Preferred
. _
43534 3578 353 3534
1,100 Mag 1 a Copper
No par
36
36
357g 3618 357 36
-3553 36
par
Co_No
24,300
&
Mallinson
(hi
137
165
8
16
177
1712
R)
19
167
20
1614
1412
1612
*14
100
300 Menet' Sugar pref
73
73
73
73
75
*72
75
.74 77
7434 7434 *72
6414 54% 5434 5618 25312 5312 5414 56
*5512 5534 5438 5612 2,800 Manh Flee Supply -___No par
25
2638 2618 2618 2618 2614 2638 263$ *2614 2638 1,000 Manhattan Shirt
2614 2614 26
Manila Electric Corp_No par
*3812 41
*3812 40
*3812 40
*3512 40
*3812 40
*3812 40
par
Expl___No
1,100
2018
1912
1912
011
1912
Maracaibo
2014
20
195s
*1912
1912
20
20
20
No par
5658 5714 62,300 Marland Oil
57
56
5612 5518 56
56
5738 56
561a 57
No par
1,500 Marlin-Rockwell
26
2614 2614 2714 2712 26
*2618 27
*28
2812 226% 27
par
200
Corp
-.NO
2112
Martin-Parry
2112
*21
*21
2112
*207 2178 *2078 217s 2112 2112 *21
8512 2,100 MathleaonAlkaliWkstemetf50
85
*85
85
844 85
8234 8312 8312 84% *8312 85
13712 13712 13634 13714 138 13812 138% 13914 13878 139% 13818 13838 5,200 May Department Stores-50
100
100 Preferred
•12412 12512 *12412 12538 *12412 12512 *12412 12512 12412 12412 *12412 12512
No par
227s 231s 23
238
2314 2312 2338 2358 2318 2312 2312 2312 4,800 Maytag Co
3
par
Ne
81
Class
1.400
B
79
Stores
McCrory
81
81
8012
81
8118
81
*8012 82
8178 82
600 McIntyre Porcupine Mines_.5
26
28
2558 26
25'2 2538 *2514 2512 *2514 2512 2512 2512
100 Metro-Goldwyn Pictures p1.27
*2434 25
*2434 25
*2434 25
2434 2434 *2434 25
*243 25
734 2.74 1,300 Mexican Seaboard 011No par
778
77
am
8
77
77
8
8
8
8
5
1618 1638 3,200 Miami Copper
16121 1612 1614 1618 1638 1634 1614 1612 1618 1614
RR
881.
58
3132 3334 343n 53.700 Mid-Continent Petro__No par
• Rid and slaked pricer: no sales on this day s Ex-dividend. a Ex-rights.
rEK .311 A KIS
riSli BH A RE
Range Since Jan. I 1928
On basis of 100-share lots
Range for Previous
Year 1925
Lowest
Highest
$ per share
11 Jan 5
34 Mar 30
95 May 11
10512 Apr 8
9214 Apr 27
11314 Mar 29
11312 Jan 29
9814 Apr 13
4912Mar 2
6012 Mar 31
103 Apr 14
36 May 27
4114 Nov 16
100 Nov 10
153sJune 3
4112 Mar 31
39' Nov 30
9412 Dec 22
9611 Dec 16
10114 Dec 18
3314 Mar 30
4712Ju1y 12
98 Apr 6
8 Oct 30
1618 Mar 31
89 Apr 14
10812Mar 30
984 Apr 3
518 Jan 5
5138 Oct25
45 June 18
26 Oct 20
1718 Dec 23
68 Mar 29
1710.1ay 27
4712 Jan 4
40 Mar 3
5014 Mar 31
27 Jan 8
408 Oct 29
17 Mar 2
1952 Mar 30
16 Oct 29
734 Oct 20
712 Oct 20
90 May 14
8014 Mar 31
3412May 11
10834Mar 16
2034 Mar 30
I312May 10
918 Dec 8
5638 Dec 6
d3818 Mar 30
4438 Oct 20
10178 Oct 26
3313 Mar 30
11214 Mar 29
118 Jan 5
6 Sept 21
27 Mar 30
5312Mar 3
3238 Mar 30
10118 Jan 29
4418 Apr 15
89 May 7
135 May 6
111 Mar 3
1812July 24
25 Jan 4
11512 Jan 29
9 Dec 4
12 Nov 12
14 Nita 4
107% Mar 29
3314May 20
9 Oct 9
431g Oct 20
45 Dec 1
7634 Nov 26
4914Mar 30
12May 11
39 Nov 5
423gMar 30
11212Nov22
1518 Mar 25
7014 Mar 26
146 Mar 29
$ per share
1134 Dec 14
59 Jan 2
100 Dec 9
113 Sept 9
96 Jan 4
22534 Aug 9
12214 Dec13
105 June 29
7018June 23
937 Aug 18
105 Nov 16
49 Jan 4
7878 Jan 19
11138 Jan 7
2534 Jan 4
567 Feb 3
7034 Feb 9
100 Feb 16
10978 Aug 1
109 Sept 14
6913 Nov 15
687 Nov 15
125 Aug 17
2112 Jan 23
367 Des 9
11312 Dec 14
11814July 22
3434 Dec 14
10% Feb 1
9338 Jan 4
59 Nov 1
2812 Nov 15
46 Jan 14
88 Dec 7
3512 Aug 11
63 Oct 9
4838 Jan 8
71 Jan 6
45 Sept 15
12314 Jan 4
28% Jan 4
34 Jan 2
2414 Feb 4
1334 Feb 13
1212 Feb 13
104 Jan 7
104 Jan 5
4334 Dec 20
115 Feb 9
2838 Nov 10
2134 Feb 11
2614 Jan 22
95 Jan 27
567 Dec 15
7178 Jan 21
106 Jan 26
6112 Jan 5
158% Dec 15
12734 Dec 14
12% Feb 17
4638 Feb 16
6638 Feb 23
4614 Jan 5
10414 Apr 21
63% Aura 28
100 Dec 13
175 Jan 11
133 Jan 25
29 Jan 7
563 Del 23
12712 Nov 12
1912 Feb 5
66 Feb 19
54 Jan 8
115 Nov 27
51 Dec 22
2112 Feb 6
748 Feb 5
7338 Feb 5
126 Feb 4
6414 No, 16
218 Jan 2
8218 Jan 7
82 Jan 29
11434 Feb26
3338 Jan 14
9314 Feb 1
196% Dec 8
2412June 14
72 Nov 5
14 Jan 4
4118 Jan 2
25 Dec 15
101 Nov 23
12934May 5
10138 Nov 21
6934 Jan 4
4838 Dec 6
1114 Feb 10
5012 Feb 3
17712 Dec 15
175 Dec 14
4214 Feb 3
120 Aug 31
1978June 21
26% Feb10
5814 Feb 4
138 Feb 9
7318 Feb 9
159 Jan 4
113 June 10
10834Sept 3
131 Dec 22
11834 Jan 14
447 Feb 10
2818 Jan 5
82 Feb 1
8734July 19
327; Jan 4
4538 Sept 14
28 Feb 2
6338June 17
33 Mar 11
23 June 25
106% Jan 2
14514 Oct 26
128 Dec 8
2412Sept 8
121 Jan 11
30 Feb 15
2512 Nov 24
1334July 23
175 Oct 1
37 Jan 2
19101ay 14
3912May 7
614 Dec :3
3034 Mar 30
1714May 4
7218 Mar 31
1195 Jan 18
71 Mar 24
nil Mar 31
3414 Mar 2
6 Oct 8
42 Dec 2.3
88 Mar 30
12014 Mar 30
2734 Oct 25
11118 Apr 5
12 Mar 3
222* Mar 31
2258 Oct 25
122 Oct 26
68 Mar 19
8958 Nov 4
10712 Nov 23
102 Oct 5
8612Mar 29
11434 Qct 20
34 Apr 19
1258 Nov 1
65 June 4
44 Oct 18
217 Oct 20
2712 Mar 20
1612 Oct 6
4914 Mar 30
2412 Oct 21
17 May 20
6212May 12
10678May 17
12238 Feb 2
19 Mar 3
72 Mar 30
2214 Oct 14
2214 Jan 8
6 Feb 25
11 Mar 3
2712July 22
Lowest
Highest
$ per share $ per Mars
1078 Oct 1178 July
587 Dec 6138 Dec
99 Dec 100 Dec
110 Dec 110 Deo
6438 Jan
102
Jan
8812 Apr
42 Jan
68 Nov
9012 July
42
Oct
47 Mar
10214 Mar
1212 Mar
37 Mar
36% Jan
92
Jan
8618 Jan
103
Apr
39 Dec
14984 -No•
115 Dec
9912 Nov
5918 Dec
8034 Oct
1058 Nov
5812 Jan
83 Dee
1141k Nov
2812 Dec
51
Oct
7434 Nov
102 Nov
11458 Get
109
42
Dec
Dee
991-2 Dec 10212 -Dec
187 Dec
23 Sept
13 Mar 217 Dee
91
Jan 11318 June
107
Apr 11512 Dec
1134 Mar
1914 Jan
37 Sent
612 Jan
6718 Mar 9534 Nov
4212 July 89 Feb
-3-0 Mar
66 May
27 Dec
43 Jan
3412 Jan
59 Apr
1612 June
3334 Jan
1414 Mar
1312 Jan
13 Mar
512 Jan
6 Sept
77 Mar
77 Nov
3834 May
10412 Apr
2214 Apr
4912 Nov
7734 Jan
4872 Jan
50
Jan
47% NOT
85
Jan
31,18 Nov
13912 Nov
31 Nov
4184 June
24 Aug
1414 flee
1258 Dee
110 Dec
10712 Dec
50 Feb
112 Sept
325 Jan
718 Jan
40
Apr
110 Mar
52
Jan
10212 Nov
3134 Jan
9618 Mar
114 Mar
718 June
27 Aug
5658 Dec
2414 Mar
Jan
94
4814 Mar
86 July
108 Feb
8712 Apr
18 July
1613 July
10212 Jan
1114 Dec
3538 Aug
14 May
99
Jan
188 Mar
12% Mar
41 Mar
43 Mar
87
Aug
4612 Mar
15 Sept
75 Mar
2415 Nov
85 Nov
17614 Nov
8112 Sept
107 Aug
6912 Dec
13814 Sept
121 No•
147s Feb
5234 Feb
6078 Dec
4812 Nov
102 No•
76
OM
9938 Ool
1998g July
144 Aug
2938 Oct
2638 Dee
11512 Dec
217 Feb
65 Nov
112 June
10958 Sera
421s Dee
2158 July
74 July
72 July
124 Dec
5914 Nov
312 July
100
Oci
11014
28%
88
11014
Mar 116- -004
Dec 4584 Jan
Jan 97114 June
Jan 178 Mai
11% Feb
37% Dec
19
Oct
4412 Oct
57 Mar
1612 Jan
5512 Mar
60 June
22 Feb
6
Jan
% Mar
77 Feb
104 Feb
301* Jan
10818 Feb
1338 MHz
23 Doe
31% Feb
114 Mar
66 Mar
117
Jan
104
Jan
99 Jan
6912 Jan
11484 Jan
34 Mar
2114 Dec
79 July
32 Mar
20% Mar
2812 Mar
2038 Sept
3258 Mar
1038 Mar
19 Dec
51
Jan
101 Mar
11612 Mar
217 Nov
79 Mar
Jan
16
18
Jan
9 Dec
8 May
2534 Aug
92 Dec
124 Dec
8978 Dec
7488 Jan
4454 No•
914 Apt
43 Sent
14334 Dec
148 Dec
3934 Sept
116 AL111
2334 Feb
2638 July
60 Dee
141 Sept
7838 Fek
242 Nov
113 Aug
10838 Aug
112
Oct
118 Aug
46 Nov
37% Jan
8214 June
59 Mat
3478 Nov
4912 Apt
3512 Jan
6012 Dec
3278 Oat
3718 Jar
10714 Dec
13912 Dec
124 June
2638 Oct
1398k Oct
22% Oct
2412 Nov
2212 Jar
2384 Jan
38 Nov
3299
New York Stock Record-Continued-Page 5
For sales during the week of nooks usually inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 18.
Monday,
Dec. 20.
Tuesday,
Dec. 21.
Wednesday. Thursday,
Dec. 23.
Dec. 22.
Friday.
Dec. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926.
On baste of 100-share lots
Louts!
Highest
PER SHARE
Range for Preelow
Year 1925.
Lowest
I
Highest
$ per SAWS $ per share $ per chars
per share $ per share $ per share $ per share $ per share Week. Indus.& Miscall.(Con.) Par $ per share
$ per share
4 Apr 9414 Oct
1
83/
100 90 Mar 30 10414 Dec 23
300 Mid-Cont Petrol pref
4 1031
1
103/
4 10312 10414 *10212 104
/
•102 103 *102 103 *102 109
314 June
212 Jan 8
58 Apr
19
Nov
4
3
_10
_
Corp_
011
11
11
4 134 79,000 Middle States
/
11
4 134
/
4 134
/
4 174
/
11
153 2
134
153
113 Feb
112 Feb
138 Dec 24
14 Oct 8
10
CertifIcate8
114
10,700
114
114
4
1,
118
114
4
1,
114
118
1
138
114
23
147
Jan
96
Feb
13313
30
Aug
Mar
107
_100
_
pref_
Prod
Steel
Midland
800
11212 11212
11213 11212 112 11214 112 112
11278 113
•11212, 113
4 3,400 Miller Rubber ctfs____No par 30 May 17 4484 Feb 25
1
3412 34/
35
3412 *34
3614 3334 3418 34
3633 35
35
9914
64 Apr
Aug
26 8612 Nov 11
Mar
8
693
100
Power
Montana
900
83
83
83
83
*8212
8212
8212
8212
8212
8334
8234
82
41 Mar 8414 Nov
35,000 Montg Ward & Co Ill corp10 56 May 19 82 Jan 2
6914 6812 70
6954 6818 6918 68
7018 7058 6918 6934 69
2284 Mar 42 Dec
4 Feb 10
1
984 Nov 23 37/
No par
3,800 Moon Motors
1212 1274 1278 13
1134 1178 1134 12
1178 12,4
1214 12,4
713 Feb 8
6 May
914 Jan
4 Nov 19
4
1
414 433 10,200 Mother Lode Coalition_No par
414 4/
414 438
414 433
4,4 433
4 434
1
4/
4 Dec 2012 Dee
1
19/
12 Dec 24 2312June 3
No par
1212
900 Motion Picture
•1218 1338 1218 1218 1254 1254 12
*1218 13
•12,18 13
40 Nov 4478 Oat
4 Feb 10
1
No par 3334May 19 53/
900 Motor Meter A
36
36
36
36
36
36
36
3614 361
4 *3512 3612 36
/
18 Apr 35 June
1914 Nov 27 3378 Feb 15
No par
2034 *2014 2013 2014 2013 2,900 Motor Wheel
20
20
2014 2018 2014 20
20
13 Aug 2112 Feb
8 Nov 13 1934 Feb 1
Mullins Body Corp_ _ No par
4 1114
/
*91
*912 1114 *9,2 1114 *058 1014 .953 1114 *958 1114
4July e
1
38/
3018 Apr 39 Des
6
Apr
par
4
343
No
Co
MuneIngwear
37
4
1
/
*36
37
4
*363
37
4
*363
*3612
363
37
4
*3512 37
*3513
51, Dec 4212 Mar
20
Feb
8
157
8
May
3
par
No
100 Murray Body
*638 738
5,4 5,4
*633 678 *634 7,2 *63a
7,2 *638 7
Oct
4 Dec 23 19312 Jan 488
/
No par 52 Mar 24 701
7034 125,500 Nash Motors Co
6978 6912 701
6838 6614 6678 67
4 70
/
6778 6858 66
414 Mar 1258 Dee
9
Jan
8
127
30
Nov
5
.100
stamped.
Acme
National
700
4 6
1
5/
554 553 *512 6
6
*512 6
6
*534 6
Dee
65
20
79
Dec
Apr
102
8
Jan
74
25
100 10114 9953 100/
4 9918 10033 9913 10014 12,300 National Biscuit
1
4 10134 10014 102
/
1001
100 126 Jan 27 13112 Apr 28 12312 Mar 12812May
300 Preferred
130 130 '
130 13012 *12812 131
•130 131 *130 131 *13012 132
3712 Oct 26 54 Jan 5
4 4112 13,400 Nat Cash lieg1et& A w I No pa
1
4112
4114 4112 40/
41
4
413
41
41
4112 4114 4134
2 Dec 8474 Oct
100 18 Nov 3 57 Jan 2 19-1_
Suit_
&
2214 2234 2118 2112 *2113 2212 1,900 National Cloak
23
24
21
2112 2334 23
8784 Dec 104 Jan
100 5814 Nov 19 9212 Jan 8
Preferred
400
69
*66
69
5512 65,2 6513 6518 6914 6914 *66
70
*65
42
2
Jan
Jan 811
4 Nov
/
80
14
Apr
53
pa
ctrsNo
tern
Prod
Dairy
Nat
15,300
4 70,2 7012 7034 7034 7114
1
7012 7158 27014 7112 70/
71
71
3812 Jan 45 May
24 Oct 25 4238 Jan 7
2612 27,4 1,300 Nat Department Stores No pa
2814 2814 *2818 2812 2818 2818 •28
28,4 2712 28
96 Apr 102
Jan
100 8934 Oct 15 97 Jan 19
1st preferred
200
9412
*92
9412 *9212 94
9134 9413 9212 9212 9213 9212 *92
.
2958 Dec 4318 Oct
1212Isday 18 34 Jan 4
3,300 Nat Dletill Prod ctfs_ _ No pa
20
1814 *19
20
20
1914 1912 1838 1918 17
•1913 20
5212 Jan 81
Oct
3712 Aug 2 7314 Jan 4
Preferred temp ct1 __No pa
4514 4518 3,500
45
4114 42
4212 4012 4112 41
42
43
43
25 Apr 4158 Dee
500 Nat Enam & Stamping_ _ _ 100 2118July 14 4012 Jan 2
26
2514 2514 *25
*2512 27
2518 26
27
*26
.2512 27
June
Jan
4
.1
8
89
Jan
75
4
893
13
July
76
100
Preferred
84
*80
84
*80
*80
84
84
*80
*80
84
84
•80
10 138 Apr 15 181 Dec 17 13812 Apr 17484 Nov
4 17614 9,000 National Lead
1
17134 17613 173/
17212 17412 17214 173
175 180
177 178
Sept
20
119
11412
May
120
Sent
16
Jan
116
10
Preferred
900
11812 11812 119 119 *117 122
11814 11814 118 118
118 118
4 Jan 21
1
1634 Mar 2 38/
2058 2034 22,300 National Pr & Lt ctts_ _No pa
2012 21
4 2018 1918 '
/
1912 20
1934 2014 *191
Jan
5512 Jan 4 88 Dec 10 -b4-3; Dec 71
5
4 83
1
8238 8234 8234 8214 3,700 National Supply
8213 8278 82/
8314 8218 84
82
Jan 4 201 Dec 250 Dec
238
1
Nov
11612
pa
No
National Tea Co
•123 126 *116 125 *115 124 *115 120 *115 120 *115 120
1134 Apr
4 Jan
/
161
1614 Nov 6
1158June 1
15's 11,400 Nevada Consol Copper
1538 1558 1514 1534 1514 1538 1514 15/
4 1514 1538 15
1
3112 Oct 5612 Jan
No par 3612 Jan 2 4612Sept 7
4312 4314 4312 4313 431. 1,100 N Y Air Brake
43
4 43
1
4312 4312 *4212 4312 42/
3184 Mar 8112 Dee
4 Nov 24 8434 Jan 29
/
2118 21
2114 2,000 N Y Canners temp ctia_No par 201
2214 22
2112 2112 2112 2178 21
22
22
No par 75 Dec 18 85 Apr 29
Preferred
400
*75
76
*75
76
75
76
75
*7618 7713 76
75
75
4 Nov
1
18 Mar 45/
5
Feb
4
1
/
45
2
Oct
32
100
Dock
York
New
4 3714 3,200
1
35
3533 3534 35/
*3478 3512 3413 3434 3538 3512 35
5214 Jan 76 Des
100 69 May 13 76 Dec 23
Preferred
400
77
*76
76
75
75
*74
75
75
76
•75
76
•75
Jan
2753 Oct 29
31 2933 Dec 14
Mar
2754
new_25
pf
Power
Falls
Niagara
600
29
*2854
29
4
*285
29
29
29
29
4
1
/
•2854 2918 29
*28
Oct
4112 Jan 75
10 42 Mar 30 67 Jan 14
4514 4534 36,400 North American Co
4 47
/
4714 47/
4534 4634 4512 46
4 4734 461
/
4 461
1
Sept
Jan
4
1
/
46
31
5012
Aug
5214
2
Jan
49
50
Preferred
1,000
51
31
*5034 51
*5034 51
51.
51
50,2 3034 *50,4 51
4
/
961
Dec
9413
Dee
400 No Amer Edison pref __No par 9118 Mar 31 97 Dec 22
9614 9614 *9614 961
4 9658 9612 97
/
9614 9612 961
*9614 _
1212 Sept 1814 Aug
418 Oct 20 1518 Jan 14
412 434 3,300 Norwalk Tire & Rubber_ __ _10
412 41 2
4
1
412 412
4 4/
1
4/
434 5
434 5
1812 Nov
Jan
8
1,000 Nunnally Co (The)__No par 1234 Dec 20 1713 Jan 7
1234 1234 *1234 13
1234 1234
•1234 14
1234 1234 •1234 14
4 Dec 38 Nov
1
33/
4 Oct 19
/
25 30 July 2 381
2,700 Oil Well Supply
4 333
/
331
3012 31
3012 304 3114 3114 3134 3334 3334 34
No par 12 Oct 16 2214 Feb 23
4 1318 147 11,100 Omnibus Corp
1
•1534 1513 1518 1538 1512 1573 1412 1518 1412 14/
1858 Jan 39 Dee
No par 3114 Feb 2 4512June 29
300 Onyx Hosiery
36
3558
36
36
36
36
•36
36,8 36
4 Mar 97 Nov
/
781
100 95 Apr 17 116 Nov 4
Preferred
-4118 Sept 63 Dee
Jan 12 6353Sept 29
6112
-if" - 3,600 Oppenheim Collins & CoNo vas1 47
4 *61- -61-74 '81
/
-51)i4 597 -i0T8 -6-i- *6112 611
4 July
1
4 Jan 32/
1
25/
25 3314 Nov 29
Mar
2713
Inc
Circuit,
OrDheum
1
31
1,220
3113
4
3118
31,
3112
3112
3114
3114
3112
4
31
53114 3134
Jan 107 Sept
98
100 101 Jun 13 105 Apr 21
Preferred
_ _ _ _ *102
_ _ _ _ *102
___ *102
•10212 - - •10212
8754 Feb 14012 Aug
50 106 May 20 136 Dec 13
13012 13.514 130' 132 *131 13134 12914 1-30-12 10:66 Otis Elevator
13333 13313 13312 13414 *10213100 10234 Jan 13 10912 Aug 30 101 Feb 112 July
Preferred
100
•108 10912 *108 10912 *108 10912 10912 10912 *10812 11134 *110 11134
8 Mar 1514 Aug
1412 Jan 19
3 Oct 1
No par
4 838 2,000 Ode Steel
1
8/
4
1
813 8/
818 812
814 834 *814 838
4 833
/
81
74 Sept 22
100 63 Nov
Prior pref
70
*66
70
*66
*66 70
68
*66
*66
70
70
•66
4284
Mar
Nov
14
Dec
4
3
90
29
Mar
5384
25
Owens
Bottle
7914 7912 7914 7914 3,900
7834 7914 7358 79
7712 78,2 7814 70
4914 Nov 67 Nov
No par 44 May 19 5234 Dec 3
300 Outlet Co
5113 *511
*51
51
*51
5112 51
5112 *51
4 5134 5112 5112
/
98 Nov 10078 Dee '
Dec 24
107
Apr
9712
100
Preferred
500
107
108
107
*106
108
*104
108
*104
4
1
•105 10578 10612 106/
4Sept 21 10212 Jan 13718 Nov
1
100 118 Mar 31 133/
2,700 Pacific Gas & Electric
13018 130/
4 *131 132
1
•129 13014 13014 13034 13012 13013 13014 131
4 Aug 7812 Dee
/
511
1*1 May 13 8318 Feb 13
No pa
174 4,100 Pacific 011
134
178
134 *134
134
173
134
134
184
1.34
134
Jan 4812 Nov
15
7
4514July
3
Mar
4
/
311
10
Car
Motor
Packard
21,300
3658
4 3614 3614 371s 36
1
35/
3614 3558 3639 3534 36
36
Oct
4
Jan
2812
4 May 32
1
/
17
1
Nov
par
9
1112 1134 5,900 Paige Dot Motor Car__No
1078 1134 11
1118 1113 1134
•12
1112 12
1214
5912 Sept 8378 Mar
Mar 31 7812 Jan 2
5618
_50
_
Trans_
&
Petr
Pan-Amer
2,400
6614
6614
66
66
6613
66
4
1
/
65
6514
6612
8
655
66
6533
8412 Mar
6018 Au
5678 Mar 31 7838 Jan 4
5
Class B
6574 6638 6618 6658 53,200
6514 6614 6554 6612 6534 6618 6554 661
4984 Dee
3714 Or
30 Oct 13 48 Jan 2
3814 9,200 Pan-Am West Petrol B.No pa
3712 37
*3712 38
3712 3812 3714 3734 3718 3758 37
214 Au
814 Dee
413 Jan 21 32 June 17
Ref NO pa
dr
Prod
Panhandle
1,800
4
143
4
143
13
1434
151
4
1
/
14
1514
4
153
1514
*1512
•1534 16
37
8012 Dee
9934June 16
Oc
19
Jan
51
100
Preferred
*13814 75
*6814 75
*6814 75
*6814 75
*6814 75
*6814 75
3512 Jan
25 Sep
23 2814 Jan 4
2334 23/
23
4 1,300 Park & Tilford tern atfs.No par 1854 Oct 30
1
2334 *2212 2334 23
*2214 23/
4 2234 2234 *22
1
812 Feb 5
518Sept
1,200 Park Utah C M
578 6
4 6
1
*5/
4 6
1
*5/
6
4 6
1
5/
*578 6
6
Nov70
903* Oct
9,500 Pathe Exchange A _ _No par 3214 Nov 30 83 Jan 7
43
4 4334 4334 4312 4214 4312 4212 423
/
421
42
45
46
17 Dec 28
Apr
No par 1678 Jan 28 24 Dec 1
& Ford
Penick
1,300
223
*221.
4
1
/
22
8
*225
4
227
2212
225
225
8
23
8
2212
4
233
*2212
Apr 261
1284
26
4 Jan
/
Oct
19
6
Aug
50
Coke
7
&
Coal
Penn
200
12
1118 1118 *11
12
*11
12
1134 1134 *11
*1134 13
Jan
4
Jan
Au
1
3
214
26
Oct
53
par
No
Sg
34 7,000 Penn-Seaboard SO vto
53
N
34
34
34
53
34
34
38
58
Jan 123
Oct
1,600 Peoples 0 L de C (Chic)i00 117 Jan 4 131 Dec 8 112
128 12814 12818 129
1213 128
128 1281 128 12814 128 128
Dee
Ma
6112
13
8714
Dec
91
2
5914Mar
_60
_
(Plttsb)_
Co
Philadelphia
300
88
*83
87
*85
87
88
8918 *87
*85
89
89
89
4512 Jan 49 July
50 45 Oct 11 5114July 7
6% preferred
200
*4934 5014 *4934 501
50
50
4934 4934 *4912 50
*4912 50
3784 May 5214 Jan
4 Feb 13
1
4 4373 461 44,400 Phila & Read C & I_No par 3814 Apr 14 48/
1
4314 43/
4234 44,8 4234 43,4 4234 44
4312 441
38 Jul
50,2 Jan
Certificates of int__ No par 3634June 14 4612 Jan 11
100
461
*45
44
*43
44
4312 *42
*42
43
43
*4213 45
51 No
9014 Jan
400 Phillips-Jones Corp_ _ _No par 45 Dec 11 5534 Jan 29
49
*45
47
47
49
*47
47
49
47
*47
47
47
41
Ma
4
123
6
2514 Sept
Dec
3
Apr
18
_10
Ltd_
Co,
&
Morris
Phillip
11,100
397
3812
4
1
/
39
39
4 3812 41
1
4 3734 3734 38/
1
36/
37
37
4 Mar 4714 June
1
36/
13
5534 5638 5633 5674 83,600 Phillips Petroleum _ _ _No par 40 Mar 30 5738 Dec 29
4 56
1
5334 56
5514 5638 55/
5512 557
4 Nov
1
Apr 4214 July
18
31 Mar 30 46/
5
Hosiery
Phoenix
600
45
*44
44
44
44
44
44
4313
44
441
44
4412
84
Apr 99 Del
100 94 Mar 25 103 Oct 28
Preferred
*10114 103 *101 103 *101 103 •101 103 *10114 103 *10114 103
4 Oct
/
1078 Mar 471
10,100 Pierce-Arrow Mot Car No par 19 May 15 4318 Jan 9
23
4 2358 2318 24
1
22/
2212 23,4 2234 2334 23
2314 231
7612 Apr 15 12714 Aug 19
100 Nov
Mar
43
100
Preferred
1,500
107
*10512
106
*10512
*106
4
1063
105 10634
107 108
10612 107
Feb
30
312
Jan
4
/
11
Nov
114
1
Oct
12
5
25
I.
5,500 Pierce Oil Corporation
4
1
/
34
33
34
14
34
18
54
3
4
1
/
2014 Dec 40 Feb
100 1118 Nov 15 2718 Jan 30
Preferred
1,000
171
4 1714 1714 1712 1714 171
/
171
17
•15
4 *15
/
17
•15
412 Dec
814 Feb
7 Jan 30
4 Aug 2
1
2/
3,700 Pierce Petrol'm tem ctfallo par
3
3
318
3
3
3
314
318 314
3
4 31
1
3/
4 May 5412 Jan
/
371
4212 Jan 5
3734 *3612 3712 371. 3712 3712 3712 1,800 Pittsburgh Coal of Pa_ _ _ _100 29 June
37
38
*37
3712 38
80 May 99
Jai)
100 70 June 21 85 Jan 5
Preferred
300
75
*74
75
77
*73
77
75
7512 75
*75
77
*75
94 Mar 10212 Jan
100 94 Mar 29 100 Nov 26
Pittsburgh Steel pref
*9912 102 *100 102 *100 102
•100 102 *100 102 •100 102
Apr
30
Jan
9
Jan
4
1
/
63
6314
Oct
39
100
44
100 Pitts Term Coal
*40
43
44
44
*40
*43
43
44
*40
44
MO
79 July 8814 Nov
9214 Feb 5
4 Oct
1
100 80/
Preferred
86
87 •80
87
*80
86
*80
*81
87
.80
86
•80
6454
Dec
3
121
Feb
8
Nov
1247
3
:Mar
751
pa
new_No
Inc
Co
Cer
Post'm
50,500
102
8
1005
101 18 102
10112 10412 10234 10438 10158 103
10034 102
44 Nov 27
100 3414May 1
1,100 Pressed Steel Car new
41
4034 41
4034 4034 84054 41
4114 41 18 41
4 42
/
*411
Yeti July -92-11 Jan
100 7813 Oct 21 9534 Jan 7
Preferred
81
*80
81
81
*80
81
*80
*80
81
+80
81
*80
1212 Aug 3258 Feb
2034 Oct 29
29
Mar
11
50
Corp_
Refiners
&
18
2,400 Producers
1838 1838 *1712 18,4 18
1812 187
4 1914
1
1812 18/
*18
4184 Oct 29
27 Sept 4788 Feb
50 3034May 1
Preferred
500
*3734 39
38
38
4 3753 3754 3834 39
1
4 38/
1
38/
39
*38
29
Nov
8
333
29
Oct
-3114
pa
No
new
NJ
of
PubServCorp
11,600
3214
32
32
321
3214
32
32
3218
4
1
32/
3214 3233 32
101 Oct 1
100 9612 Apr
100
6% preferred
4 10014 *9974 10014
1
9958 9958 9953 *9934 1001 +9978 10014 *99/
*99
Jan 105- NO;
110 Nov 13
99
Jan 1
10318
100
preferred
109
400
7%
109
109
110
*108
1093
*108
110
1093
4
4
*109
109
109
Oct
4 Nov 17 10853 Apr 119
1
100 115 Mar 2 124/
200
8% preferred
4 12438 •124 12518 124 124 •124 12514 *12312 12518 *12314 12518
1
124/
9211 Stay 10012 Dee
500 Pub Serv Elm+ & Gas pfd_ 100 97 Jan 22 1041sSept 27
4 10278 10134 10253 10214 10212 *10214 103 •10134 10212
1
4 10314 +102/
/
•I021
Oct
108
Jan
99
5
Aug
114
18
Jan
106
_100
pref
Pr
Elee
Service
Pub
116
4
*1133
4
•1133
116
4
116
*1133
116
4
*1133
116
4
1
•11334 116 *113/
10 14514 Mar 31 19912Sept 16 129 Mar 17312 Sept
191 MN 190 19334 18934 191, 189 19012 18974 19012 189 18974 51,700 Pullman Company
33 July 4714 Jan
33 Apr 14 4914 Dec 13
ao
Sugar
Alegre
Punta
7,500
4
453
4638
4512
4
453
*453
45
46
45
46'4
46
4
1
4612 46/
2514 Aug 3384 Feb
2514 Oct 20 31 Jan 4
2
4 28
1
27/
2734 2778 2734 2778 8,400 Pure 011 (The)
2753 28
4 2712 28
1
4 27/
1
27/
4June 25 10212 Jan 10812 Sept
1
100 106 Apr 14 112/
8% preferred
111 112
'
400
112 112
11214 11214
•111 112 •111 11112 *111 112
19
Nov
30
3914 Nov 7773 Jan
8
615
Mar
32
pa
Amer___No
of
Corp
Radio
76,500
8
585
4
593
4
,
58
597
5812
8
,
59
8
593
4
1
/
58
4
603
59
59
58
b
45 Dec 54 Fe
4454 Mar 31 53/
4 Dec 20
1
5
Preferred
1.100
*5234 53
4 .5234 5312 *5234 5312 *5234 53
1
53/
33
*5234 53
3384 Nov 3912 Aug
1
Oct
4134
30
Apr
4
1
/
32
pa
No
200 Rand Mines, Ltd
3913 3012 +37
4 40
/
*371
*3734 40
40
*3774 40
4 40
1
*37/
1138 Apr 17/
4 Feb
1
1012 Mar 3 1634 Nov 8
200 Ray Consolidated Copper1
4 1614
1
1558 1553 •1512 1614
•1534 1614 *1534 1614 1534 1534 •15/
43
Oct 6014 Dee
4034 Oct 18 56 Jan 4
No pa
Reid Ice Cream
*4012 4112
41
4 *40
1
40/
4 *40
1
40/
4 *40
1
40/
411 *40
*41
10 May 2814 July
No pa
712July 24 1884 Feb 23
1,400 Reis (Robt) & Co
834 8/
9
*8
4
1
914 914
*814 9
4 938
1
8/
*814 9
4884 Jan 11784 Des
2,600 Remington Typewriter.._100 8313 Apr 20 127 Feb 3
11214 11214 11212 11234 114 11574 115 116
113 113
•11214 114
Jan 10912 Oct
100 106 Apr 21 118 Oct 1 100
7% 1st preferred
100
11413 11412 *111 11712
*109 116 *109 116 *11134 116 *109 116
100 105 Apr 1 11514 Aug 27 103 Sept 11312 Apr
preferred
2d
8%
100
114
*111
*109
114
114
114
114
*109
114
*109
114
•109
1254
4
2314 Jan
Jan
4
1
/
15
June
27
Oct
pa
8
No
Steel
Replogle
7,800
8
115
4
113
1118
4
/
111
1112
11
4
/
111
1114
1112 1178 11 14 1112
4214 Apr 6413 Jan
4 Jan 7
1
100 44 May 10 63/
4 3,700 Republic Iron & Steel
/
•5634 571
57
57
5758 5613 57
4 57
1
57/
57
5712 53
Jan
8414 July 95
100 9114 Mar 30 99 Sept 15
Preferred
1,000
4
96,
4
,
9613
96
*9614
9612
9614
4
963
4
/
961
9614
9614
4
/
9614 961
Jan
8 July
18
414 Oct 29 1058 Jan 5
No pa
434 434 4,100 Reynolds Spring
5
5
434 4/
4
1
5,4
5
5
5
5
5
7212 Mar 9554 Nov
90 Mar 30 12178 Nov 19
14,100 Reynolds (11.2) Tob Class B 2
120
120
1
11914
12013
12012
120,3
119
11912
2
119
120
4 11878
1
118/
85 June 9712 Feb
78 Nov 29 100 Jan 20
2
800 Roasla Insurance Co
7934 7934
80
*79
80
80
80
80
8112 *7834 85
*79
4814 Mar 57/
4 Jan
1
5114 5158 3,800 Royal Dutch Co(N Y shares). 4788 Oct 21 5733 Jan 9
5073 51
4 5038 5053 5078 5014 5034 5034 51
1
50/
3584 July 521
4 May
/
10 3858May 11 4814 Feb 10
Lead
2,600
4114
Joseph
41
4
/
411
St
4113
4
/
411
*4012
4
417
4
/
411
42
4
/
401
41
4
1
40/
II)
Nov
Dec
31
48
Mar
5512
Dec
4214
5011
par
No
Cable
53
*5212
Safety
4
/
1,600
5212
5214
4 521
1
52/
4 5212 53
1
4 52/
1
4 5234 52/
1
52/
4 Feb 10
/
4812 July 10884 Mar
4 7133
/
711
200 Savage Arms Corporation.100 6714 Nov 30 1021
*7112 72
*71 12 72
*7112 72
4 7133 *7112 72
1
71/
9 Nov
11 Nov
3 Dec 4 1014 Jan 4
par
No
Copper
3
1
3
Seneca
3,600
3
3
8
,
3
314
3
34
4
1
314 3/
318
3
5112 Dec 6512 Dee
60
1,600 Shubert Theatre Corp-No Par 52 Mar 4 7058July 28
4 60
/
591
6012 60
*GO
GO
60
6034 5978 60
60
42133,1ar 30 13813 Jan 23 10184 Sept 13474 Dec
4 4834 4814 43,4 4812 4958 4914 4913 7,200 Schulte Retail Stores._ No par 1121
1
4 48/
/
4918 4812 491
49
Jan 118 Aug
4 Jun 6 120 Sept 9 110
/
100
120
Preferred
•11614
120
*11614
120
•11614
•I1614 120 *11614 120
1314 Nov
1634 June
No par 1212 Mar 3 1484 Mar 12
200 Seagrave Corp
4 1334 *1358 1334 •1358 1334
1
4 •1334 1378 *1334 1373 13/
/
1354 131
new
California
oas share of Standard Oil of
a 17.1-r1ght8
•Bid and asked pricey. oo sale' on this day. 2 Er-dividend
-ai-
3300
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive,see sixth page
preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Dec. 18.
Monday,
Dec. 20.
Tuesday,
Dec. 21.
Wednesday, Thursday, 1
Dec. 22.
Dec. 23. I
Friday,
Dec. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rt.& on An,
Range Since Jan. 11928
On basis of 100-share lots
ran MIAlia
Range for Previous
Year 1925
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share g per share $ per share Shares.
Indus. & Miceli.(Con.) Par $ per share $ per share $ per share
545 55
54/
1
4 55
$ per *WO
M58 54% 5412 5412 5412 5434 5412 5514 9,800 Seare,Roebuck
&
Co
newNopar
4414 Mar 29 68a Sept 7
*63
64
26258 63
- ------*6138 6212 6312 6312 *6158 63
6118 61% 1,000 Shatuck (F 13)
No par 47 Mar 30 6958 Jan 4 1618 Mar ---437 4378 *433* 4412 *4314 4412 *4312 4412 *4378
92 Anil
4412 *4312 4412
300 Shell Transport
2914 298 291
3912 Sept 49 Dec
/
4 2914 2914 2938 2914 2938 2914 2912 2938 295 13,000 Shell Union 011 & Trading_i2 40I2July 26 4858 Jan 4
No par 24 Mar 3 31 Nov 23
*10814 109 *t0814 10878 *10814 10812 108 1088 *10818
215* Aug 2812 Dee
10812 10818 10818
800 Preferred
100 103 Mar 3 114 July 2
19
1914 187 195
9911 Jan 10614 Nov
1918 1934
191
/
4 193*
1914 1958 1914 1934 15,700 Simms Petroleum
10 15/
1
4 Aug 18 2858 Jan 2
*3212 33
33
1734 Sept 2584 Jai,
33
32
327
3234 3234 323 328 3278 34
7,300
Simmons
Co
No par 2838 Oct 15 5412 Jan 4
*10612 10812 *10612 1075, 1075, 1073* *10634 10838 *10612 1083 *10612
3114 Mar 54% Nov
100 Preferred100 10512 Nov 10 10912July
8
10838
1978 2014 1978 20% 20
2 10018 Jan 10618 Dee
2014 1973 20% 20
48,300
Shiclair
2014
2018
Cons
20
011
Coro_No
par
163
4 Oct 19 2478 Feb 23
*98
9812 984 9878 *9812 99
17 Jan 2478 Feb
9832 998 4984 9812 9838 9838
500 Preferred
100 90 Mar 30 9912June 24
3412 34% 3478 3518 3414 3478 3414 3
7834 Jan 9418 Feb
43* 343* 3412 343* 3412 8,600 Skelly 011 Co
25 2658 Mar
2134 Mar 3212 Nov
130 13112 *130 13112 129 129
12812 131
12934 12934 130 13012 1,300 Sloes-Sheffield Steel de Iron 100 103 Apr 30 37I8June 28
12 14212 Aug
162 16234 15914 16012 156 160
8014 Mar 14312 Dee
156 162
16014 163
15912 160
6,900 South Porto Rico Sugar_...10092 Apr 15 16912 Dec 10
*119 125 *118 125 *118 125 *120 125 *120 125
14
62 Jan 10918 Dee
121 121
100 Preferred
100 110 Oct 8 121 Dec 24
3012 31
99% Jan 11314 Dee
303* 303* 304 303* 30
303* 30
3038 3014 304 16,600 Southern Calif Edison
25 30 Dec 23 33 July 19
425 4238 42% 4234 42% 4318 43/
1
4 433* 4314 433* 4434 45
3,600 Southern Dairies el A_NO par 41 Oct 27 55I2Ju1y
20
2018 1912 20
17
__-- ---- ---- ---_193* 1978 1918 1934 19% 197
1978 2038 6,400 Class B
No par 1712 Oct20 3534 Mar 11
*1014 14
*104 14
1034 1034 *1014 14
*1212 14
*1214 14
100 Spear & Co
No par 10 Dec 2 1734 Feb 19 -1-318 -Dec 14 May
•76
80
*76
80
78
78
*76
80
*76
89
*76
100 Preferred
80
100 72 Apr 20 8212 Jan 13
7814 Dec 92 May
22
2214 2218 2312 2212 2314 22
2234 2214 23
2218 2214 4,400 Spicer Mfg Co
No par 188 Apr 19 315, Feb 5
*106 10734 2105 105 *105 10714 *1001
1512 Feb 3678 Sept
/
4 10714 *105 1071 10714 10714
200 Preferred
100 101 Jan 12 10714 Dec 24
92
5718 5738 564 573* 5614 563* 56,8 57
Apr 108 July
5618 5678 5618 5612 13,800 Standard Gas & El Co_No par 51 Mar 2 69 Feb 8
4014 Jan 61
5612 57
OoS
5634 57
5634 567
5634 5678 56% 564 5612 56,2 1,200 Preferred
50
53
3
4 Mar 30 578 Feb 9
5012 Mar 5612 Nov
*71
73
73
73
*72
73
7212 7212 *7112 73
*72
73
300 Standard Milling
100 6718 Oct20 9212 Feb 4
62 May 88 Dee
*8512 87
86
86
*8512 87
*8512 87 .8512 89
*8512 89
100 Preferred
100
80
Mar
2
90
Feb 5
81
Jan 864 Dec
583* 584 581
/
4 59
5914 59's 59
59% 591
/
4 5914 5918 5914 10,600 Standard 01101
3778 3818 3818 3812 377 3814 3814 3838 383* 3834 3834 3918 109,200 Standard Oil ofCal new.No par 5258May 14 6358Sept8-New Jersey_25 3738 Dec 10 46% Jan 2 -18711512 11512 11512 11512 11512 11,53* 11512 11512 11512 115'2 11512 11512 10,700 Frei non-voting
8 Mar -4712 -Feb
100
115
Nov29
119I8May 18 11614 July 119 Feb
38 334
3/
1
4 33*
43g *4
4
4
4
418 *4
48 2,700 Stand Plate Glass Co__No par
312 Nov 15 1078 Feb 10
658 Aug
9234 9234 92
Jam
16
9214 9134 9134 *9112 9214 *9112 9214 9214 9214
1,100 Sterling Products
No par 75 Mar 27 P614 Nov 29
6214 Mar 82 Dee
668 6612 66
6612 653* 66
6412 653* 644 653
, 6518 6512 11,300 Stewart-Warn Sp Corp_No par 61 Nov 4 927
8
55 Mar 9612 Des
5012 5078 5012 5012 503* 503* 4934 50
5014 503 *5012 51
1,500 Stromberg Carburetor_Na par 49 Dee 6 7714 Jan 2
Jan 4
61 Mar 895* Oct
5412 5614 5514 5618 5518 553* 554 5534 5558 5614 5512 56
25,400 Studeb•cCorp(The) new No par 47 May 18 62 Sept
15
4114 Jan 6858 Nov
*12012 12278 *12012 122% *12012 12278 *11912 12278 *11912 12278 *11912 1227*
Preferred
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
212 212
238 24
214 278
258 3
212 278
234 3' 20,600 Submarine Boat
No par
1'2 July 27
334 Feb 21
Oct 12 Mar
*31
3
32
317 3178 3112 32
3114 3114 311
/
4 3118 *3114 32
1,200 Sun Oil
No
par
3018
Mar
30
413* J#0 4
384 Nov 4372 Nov
47
412 5
51
/
4
434 5
412 47
458 5
434 434 13,900 Superior 011
No par
1
July
29
514
Dec
11
2
Dec
61
•26
/
4 Feb
267 *25
277 *26
27% *26
27
*25
*25
27
27
Superior Steel
100 1912 Apr 12 3478Sept 7
20 May 4138 Jaa
1312 1312 *1314 14
*1314 134 133* 134 128 1234 1212 1212
800,Sweets Co of America
50
88 Apr 13 175,Sept 13
5% Mar
1512 OeS
53, 6
5
584
534 534 *534 6
6
*6
6
638 2,9001 Symington temp ctfe_No par
4 Nov 8 1412 Jan 4
1012 Jan 2072 Sept
13
13
*1314 1312 1312 1313 *1314 1312 1338 1338 *1314 1312
400ç Class A temp otfe____Ne par 1058 Oct 20 2078 Feb
4
*1112 1212 *1178 1212 *1118 1258 *1112 1212 *117* 1212 *1214
1934 Dec 2618 Sept
Telautograph Corp____No par 11 Apr 5 147k Jan 19
1212
11 Aug
1614 Nov
1078 1118 1078 11
1078 11
1078 11
*1078 11
*104 11
3,300 Tenn Copp dr C
No par 105a Dec10 16 Feb 5
758 Apr 16 Dee
57
5712 5738 5734 5714 5712 5714 575* 57
5714 5712 5712 3,800 Texas Company (The)
25
48
Mar
30
58
Aug
4234
31
Jan
55 Dee
4734 4812 4634 4812 4818 498 497 505* 5014 5012 5018 5038 118,700 Texae Gulf
Sulphur new No pa, 39 Oct 25 5238 Nov 29
15
1514 1478 154 1434 1514 1458 1434
1458 15
1478 1518 7,900 Texas Pacific Coal St 011
10 12 Oct 20 1912 Jan 7
1-678 Aug -2-3-112 Feb
1830 1900 1850 1875 1800 1800 1700 1800 1925 2040 1950 2010
333 Texas Pacific Land Trust_100 510 Mar 19 2040 Dec 23
Apr 657 Dee
255
2712 2712 *27
275 273* 2712 274 2712 271 *2712 28
28
700 The Fair
No par 2718 Mar 31 34 Jan 14
3214 Sept 3914 gen
*47
48
4712 4712 *4714 4712 4718 471
/
4 *4634 471 *47
4718
400 Thompson (J R) Co
25 42I4May 7 5012Sept la
*27
28
27
27
27
*27
27
28
27
27
2712 28
1,400 'ride Water 011
100
27
Nov
29 3914 Jan 25 1014 Sept -3-1i72 -Dee
90
90
89% 89% *8812 89
8978 90
8978 90
*89
90
1,000 Preferred
100 8714 Nov 4 103 Jan 25
99 Nov 101
Orli
7914 7912 795 8158 80
82
8018 8278 8134 84% 82
83% 64,600 Timken Roller Hearing_No par 447 Mar 3 85% Nov 16
3734 Mar 593* Oct
10834 10914 1087* 10938 10834 10918 10834 106
10878 10914 10918 11034 15,300 Tcbacco Products Corp
100 9514 Apr 12 11658Sept 22
10114 Nov
Jan
70
115 115 *11412 115
115 115
115 115
115 115
114 115
1,000 Class A
100 103 Mar 3 118%Sept 21
93/
1
4 Jan 110% Nov
4
334 37
418 44
418
334 418
438 41
412 434 91,900 Tranitet'l Oil temetf newNopar
3 Mar'4
57 May
512July 9
*16
312 Sept
1712 *16
1712 16
16
*15
1712 *15
1712 *16
1712
100 Transue & Williams St'l No par 15 Aug 28 27 Jan 28
Jan
2412
*46
Sept 35
4612 4612 4612 48
46
46
46
46
4612 4634 4634
800 Underwriter Typewriter____25 4314 Nov 12 6334 Jan 7
3818
Mar
*4312 44
65
/
1
4 Nov
4312 4312 42
4434 43% 4312 4184 43
4312 42
5,800 Union Bag & Paper Corp 100 35 May 21 7114 Jan 5
Oct
Apr 86
38
945* 9514 9458 9538 943* 947
9434 9478 95
9578 9534 9534 13,800 Union Carbide & Carb_No par 7712
Mar 29 97 Nov 23
_
..
5312 54
5384 5414 5312 5438 5312 535
5514 57
538 55
62,800 Union 011 California
25 3714 Jan 20 5838Sept 23 13
*115 119 *114 117 *114 117 *115 119 *115 119 *115 119
Oct 433* Feb
Union Tank Car
100 844 Mar 31 1203
,Oct 1
134
Dec
94
June
Preferred
100 11314May 22 118 July 12 11314 June 117/
1
4 May
_ _ _
United Alloy Steel____No par 2512 Jan 21 3578July 15
24 May 36% Mar
ii ii
oii Iis :6 Vi
95
fat ii IA
fi 6718 6 100 United Cigar Stores
25 8318 Feb 4 10934 Aug 17
•123 ____ *123 ____ *123 ____ *123 __ *123 126 *12312 126
60/
1
4 Jan 11511 Nov
Preferred
100 11478Mar 4 125 June 30 115 Dec 13314 Dee
166 17014 16934 17212 16912 17234 169 170
16914 17012 170 174
24,2001 United Drug
100 134 Mar 30 174 Dec 24 11078 Feb 16212 Oct
*58
584 5812 5812 5834 5834 5818 5858 5812 5858 5812 5812
900 1st Preferred
50 5512Mar 5 59 July 8
Jan 5812 Nov
52
121 122
120 12112 121 121
12012 121
11912 11912 11812 120
3,500 United Fruit new
No par 98 Apr 15 128 Nov 26
*174 18
*1714 18
*17
18
*1714 1812 *171
/
4 1812 *1712 1812
United Paperboard
100
1712 Oct 20 3812Mar 2 -1-814 -Apr -3112 bee
*98 100
*95 100
*98 100
•98 100
*98 100
*98 100
Universal Pictures let pfd_100 90 Mar 8 9812 Dec 17
944 Dec 10312 Oct
3118 3134 31
3134 31
33% 3234 341
/
4 33
3312 3212 333 88,500 Universal Pipe & Rad_No par 1358 Mar 31 3418 Dec 22
26 Dec 5078 Feb
87
8778 8312 87'2 864 874 874 873
8614 8718 8538 87
4,900 Preferred
100 52 Mar 30 9014 Dec 13
65 July 94 Feb
229 23212 22912 2343* 230 23318 22912 236
235 23712 235 238
30,400 U S Cast Iron Pipe & Fdy_100 150 May 19 24812 Aug 3 13114 Apr 250 Feb
116 116
116 117
11612 11612 11638 118
11612 117
11712 11712 2,000 Preferred
100 10014 Mar 8 118 Dec 22
91 July 113 Aug
56/
1
4 57
56
5818 56% 5714 5634 5718 57
5814 5814 59
16,600 U S Distill)Corp tem ctf Napa, 39 Mar 30 6112 Feb 13
3015 Feb 63/
1
4 Dee
*5612 5718 56
5634 5618 5678 *56
5634 *56
1,800 US Hoff Mach Corp vtoNo par 457 Jan 2 593 Feb 4
5612 56% 5634
23
Jan 491g Oct
7812 79
7814 7938 7814 7834 7818 7834 7818 783
7818 79
U 13 Industrial Alcohol
100 4538 Mar 30 8412 Dee 8
70/
1
4 Dec 98
Oct
110 110 *110 111 *110 111 *110 11012 110 110 *10912 11012 15,300
200 Preferred
100 9914 Apr 22 11478 Nov 8 102 Dec 115 June
6334 6438 6312 64
6312 6334 6312 64
64
64
6312 63% 5,300 U S Realty & Impt new.No par 4818 Mar 29 717 Jan 4
6112 6314 6112 634 6112 6212 6114 62
6118 6214 6118 6154 53,100 United States Rubber
14
May
19
50
100
8814
Jan 23 1312 'Mar -9712 Nov
•10734 108
108 10838 1084 1084 10814 10814 1074 1074 *108 10812
500 let Preferred
100 10112Mar 30 109 Jan
9234 Mar 10872 Nov
*364 37
364 364 36
3658 .35
364 3518 3518 3518 3518 1,300 US Smelting, Ref & Min__50 30 Oct 23 4978 Jan 19
2
30 Feb 51 Dee
34814 4612 4612 4612 *46
4612 4612 4612 *463* 47
*4638 47
Preferred
400
50 42 Oct 26 50 Jan 4
44
15832 15934 15738 1593* 1568 15734 15612 15734 15678 158
158 15934 364,500 United States Steel Corp_100 117 Apr 15 16012 Dec17 1123 Apr 4914 Dee
8 Mar 13914 Nov
129 12914 129 129
129 12912 12912 130
12918 12918 1294 1294 3,700 Preferred
100 12412Mar 3 130141June 11 12218 May 12658 Jan
*6412 6612 *6412 65
65
*65
65
67
*65
67
*65
67
100 U S Tobacco
No par 56/
1
4 Jan 4 66 Nov 15
5112 Mar 5914 Nov
*121__ •121
__ *121
__
-_ 12212 12212 *121
__
100 Preferred
100 112 Mar 19 123 Dec 2 10558 Apr 114 Slept
*11112 115 *11112 15 - .11112 115
-- *11312 1-15 '11314115 .11313 ifs
Utah Copper
10 93 Apr 1 116 Nov 13
82 Mar 111 Nov
*29
2912 2918 2918 2812 2918 *2812 2912 *2812 2912 2812 2812 1,100 Utilities Pow & it A___No par 2814 Mar
31 37 Feb 15
30 Aug 38 Aug
38% 3914 39
3912 *39
3912 39,8 3914 39% 39% *3914 393a
1,500 Vanadium Corp
No par 29 Mar 3 43 Aug 16
25a May 3434 Jul/
'Ws 4714 4612 4678 4612 4612 4634 4634 474 474 4678 474 1,700 Vick Chemical
No par 43/
1
4July 21 52 Aug 6 ---- ---- ---- ---_
_ _
_ .
_
_
Virginia-Caro Chem
No par
38 Feb 26
17 Jan 15
112 Sept
834 Jul/
;16 1634
iii
-1678 ioT4 Ws iOTs iii78
- *101* 103
jar, 1618 15,666 New
No par
9 Oct 20 2512 Feb 3
177 Dee 217* Dee
No par
%July 2
47 July
15
1
4
Aug
Jan
8
"ii- -lit; "38i4 IC iii
38
3814 *35
1.
4 *36
37
*35
37
100 313* Oct 14 69 Jan 4
300 6% pref w I
5614 Nov 6371 Dee
*87
8712 *87
8712 *87
8712 *87
8712 *87
8712 *87
8712
7% pref WI
100 83 Oct 15 981g Jan 6
92/
1
4 Nov 95% Dee
*47
54
54
*47
*47
54 .47
*47
52
*47
52
Virginia Iron Coal & Coke_100 40 May 16 6012 Nov
52
11
30 June 48 pee
354 3512 354 3512 35
354 3512 3612 36
3638 3614 363 19,000 Vivaudou (V) new ____No par 26 Mar 30 3612
Dee 22
714 Jan
283* Dee
108 108 *106 112 41105 112 *106 110 *106 112
110 110
200 Preferred
100 9434 Jan 29 11012 Dee 8
-- --2112 2134 32134 2134 2134 2114 2134 2134 *2112 214 *2112 2134 1,200 Waldorf System
-,-No par 17 Jan 12 2212 Dec 2 -1-412
Aug 1-074 Jan
1684 1912 19
1914 19
2014 1912 195
193, 197
14,200 Walworth Co ctfe
193, 20
No par 1214June 2 2314 Jan 27
2114 Dec 2414 Del
10912 10912 *100.,*100
_ 10912 10912 *100 116 *100 116
800 Ward Baking Clam A No par 99 June 30 195 Jan 2
198
Dee
Apr
116
32
3212 31 1114 31
3038 2912 30
313* *304 3058 30
3,300 Class B
No par 2114 Oct 20 8538 Feb 1
3714 Mar 951 Oct
•90
9034 907 9078 *8912 91
91
*90
9072 9078 *90
91
200 Preferred (100)
No par 8812 Oct 7 11012 Jan 15
9412 Feb 112 Del
3814 4212 3934 4212 3712 3934 374 4012 40% 423* 4212 4312 173,600 Warner Bros Pictures A___ AO 12 June
11 6914Sept 15
2% Oct
1714 Dec
8334 6414 36634 69
67% 6814 644 6512 *66
67
67
674 4,600 Warren Broe
No par 1 437 Apr 15 69 Dec 20
43 June 5012 July
58% 5812 58
58
58
58
5714 58
57
56
57
5712 1,500 Weber St Hellbr, new c_No par 53 Apr 20 8512 Jan 13
Apr
51
Dee
10012
14814 14814 14734 14814 14712 14712 14712 14712 x146 146
1464 14614 1,000 Western Union Telegraph_100 13412Mar 30 1577
8Sept 8 11614 Jan 1447
,Sept
14478 146
143 14512 142,2 14319 142 1423 143 1434 1425* 14312 8,200 Westinghouse Air Brake_50 10514 Mar
97 Apr 144 Aug
69
6914 6912 7052 6914 7014 6914 694 6938 6912 69% 69% 9,4001 Westinghouse Elea & Mfg_50 65 May 31 146 Dec 18
19 79/
1
4 Feb 10
6614 Mar 84
Jae
'
51534 16
16
1534 154 1512 1512
1534 1534 *1534 16
16
5001 Weston Elm) Instrument
1334May 10 1912 July 28
914 Apr 2012 Au,
*31
32 .3012 32
*3012 32
*3012 32
*3012 32
2812 283
700 Class A
27/
1
4 Jan 4 3212 Oct 7
193* Mar 287* Del
9812 9812 9714 9714 98
*984 99
98
*97
.97
99
99
300 West Penn Elee el A vtf No Doc 881
/
4 Jan 6 9812 Oct 28 ____ --- ---- ---*101
*101 102 *101 102
102 102 *101
__ •101
__
100 Preferred
100 95I2May 17 10212 Dec 14
--- -----*11312 1-1-5 *11312 116 *11412 116
1145* 114% *11312 1-1-6 *11312 1-1-5
200 West Penn Power pref
100 108 Mar 25 115 Sept 21 1-04
Jan iff July
*25/
1
4 26
2534 2534 2578 26
26
26
26
2612 2612 26'2
800 White Eagle 011
No par 251g Apr 20 29% Feb 10
2512 Aug 31% Feb
57
5714 5634 5738 5624 571
/
/
4 57
4 561
56% 554 5734 584 19,800 White Motor
50 5118 Apr 15 90 Feb 11
5712 Mar 10412 Allf
•2712 27% 2712 2712 27
•27
2712 264 2634 *2634 27
27
700 White Rock Min Sp etf _No par 22 Oct 22 3838 Feb 3
3312 Dec 498* Aug
34
34
34
18
34
34
34 7,600 Wickwire Spencer Steel et!.__
34
34
38
34
58
58 Dec 2
33 Jan 8
2 Dec
5% May
2214 2318 2212 2278 2238 2284 2218 2314 2318 24
2214 2212 60,500 Willys-Overland (The)
5 18 May 17 34 Jan 4
918 Jan 347k Nov
*9214 96
*9212 93
29012 91
914
9012 9012 9012 9012 *90
400 Preferred
100 8812 Oct 25 99 Feb 4
1237
Jan
7214
2 De*
*1234 13
1258 13
*1212 13
1234 13
1234 1234 1212 1318
3,300 Wilson & Co, Inc, new _No par
8 May 20 143 Dec 13
2858 2858 284 2918 28
284 2812 28% 8,300 Claw A
2812 2814 294 28
No par 14 May 21 3058 Dec 13 .--- -- ------79
79% 7858 783* 78% 78% 78% 7958 78
781 *7712 7912 2,900 Preferred
100 42 May 19 8138 Dec13-18812 19078 18818 190
188 18914 18818 18938 18818 1891 18834 18984 19,900 Woolworth Co (F W)
25 13514May 19 222 Jan 4 11-214 Jan 220
Oen
2112 2112 22
22
22
2114 2112 *21
2112 2112 *2112 22
1,100 Worthington P & M
100 19 Nov 22 4434 Jan 6
3514 Aug 7932 Jan
*48
49
48
45
47
4812 474 4718 4712 4718 *45
46
900 Preferred A
100 44 Nov26 80 Feb 2
78 Nov 88
Jan
*4012 4112 4012 4012 40
4018 *3914 40
3912 3912 39
391
/
4 1,300 Preferred B
100 3714Nov23 65 Feb 24
58 Aug 7834 Feb
•2912 30
30
31
3018 3015 3018 3018 3014 3014 3014 3214 4,800 Wright Aeronautical___No par 24/
1
4 Mar 30 3934July 16
16 Mar 3218 July
53
5312 x5112 5212 *52
5212 52
*514 52
1,600 Wrigley(Wm Jr)
52
52
52
No par 47 Apr 3 5934 Feb 11
2512 Mar 5714 Oct
7014 7014 7134 72
71
71
1,200 Yale & Towne
*7012 7118 7118 7118
71
71
25 6012 Mar 4 723* Aug 26
82
Sept 7014 July
2714 283* 275* 294 27% 283* 28
2838 27% 2814 2734 2878 69,800 Yellow Truck dr Coacb----100 20 May 24 39538ept 8
2278 Oct 4014 Oet
9934 994 *99
9934 9934 9934 100 100
1,400 Preferred
9934 9934 100 100
100 9112 Apr 3
Oat
Oct 100
90
2
8912 903
894 9034 89% 90% 894 894 894 9014 8012 9014 7,900 Youngstown Sheet & T_No par 69 May 14 10712Sept
9514 Aug 9
63 Mar 9912 Nov
•Rid and asked priest* no sales no this day. a Ex-dividend. aEa-41v14eu6 asd ex-rights.
v
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
3301.
Jan. 1 1909 the Rzchange method of quoting bonds was changed and prices are now "and interest"--except for income and dafatdied bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 24.
U. S. Government.
Wires Liberty Loan133.4% of 1932-1947
Cony 4% of 1932-47
Cony 43.i% of 1932-47
2d cony 43.4% of 1932-47
Second Liberty Loan0of 1927-1942
Cony 434% of 1927-1942
Third Liberty Loan434% of 1928
Fourth Liberty Loan434% of 1933-1938
Treasury 445
1947-1952
Treasury 48
1944-1954
Treasury 334
1946-1956
State and City Securities.
NY City-4's Corp stock_1960
s Corporate stock
1984
43.js Corporate stock
1966
434s Corporate stock
1972
434s Corporate stock
1971
430 Corporate stock_July1967
43.4a Corporate stock
1965
430 Corporate stock
1963
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate stock
1956
4% Corporate stock
1955
4% Corporate stock
1936
434% Corporate stock
1957
4%% Corporate stock__ _1957
334% Corporate stk_May 1954
334% Corporate stk_Nov 1954
3345 Corporate stock
1955
New York State Canal Im 45.1961
48 Canal
1960
As
1962
de Canal
1942
630 Canal inapt
1964
da Highway impt regist'd_1958
Highway imprev't 4348.__1963
Virginia 2-35
1991
Foreign Gov't and Municipal's
Argentine Govt Pub Wks 65_1960
Argentine (Nat Govt of) 75_1927
Sink fund 65 of June 1925_1959
Eat!5 1 Os of Oct 1925___ A959
Sink fund 6s Series A__
1957
External Os series B_ _Dec 1958
Ertl s f6s of May'26 temp 1960
Argentine Treasury 55
_1945
Australia 30-yr 55.. July
£..-15 1955
Austrian (Govt) 5 f 75
1943
Bavaria (Free State) 6345_ _ A945
Belgium 25-yr ext s f 7346 9_1945
20-year a f 85
1941
25-year external 6345
1949
External s f 65
1956
External 30-year s f 7s
1955
Stabilization loan 7s
1956
Bergen (Norway) a I 88
1945
25-year oinking fund 13e_ _1949
Berlin (Germany) 1334s
1950
Bogota (City) ext'l 5 I 88.._1945
Bolivia (Republic of) 86._ _ _1947
Bordeaux (City of) 15-yr 65_1934
Brazil(U Sot)external 85
1941
Externals f 6345 of 1926._1967
7e (Central Railway)
1952
734.(coffee secur) £(Hat)_1952
Bremen (State of) ext'l 7s... _1935
Buenos Aires (City) extl 63461955
Caldas Dept of(Colombia)7s'46
Canada(Dominion of) 55_ 1931
113-year 5345
1929
58
1952
0431s
1936
Carlsbad (City) a f 88
1954
Chile(Republic) ext'l a f 8s_ _1941
20-year external 76
1942
25-year sinking fund 8s
1946
External sinking fund tle_ _1960
Chile Mtge 13k 6345 June 30 1957
B f 63is of 1920. June 30 1961
Chinese(Hukuang Ry)5s_....1951
Christiania (Oslo) 30-yr sf681954
Cologne (City) Germany6301950
Colombia (Republic)634a
1927
Dept of Antiociula 7s A_ _ _1945
External s I 7s ser Et_ _1945
Copenhagen 25
-years f 5345_1944
Cordoba (Prey) Argentina 761942
Cuba Es of 1904
1944
External 56 of 1914 ser A_1940
External loan 4345
1949
Sinking fund 6346
1963
Czechoslovakia(Rep of) 8s_ A951
Sinking gund 85 ser B._ _1952
External s 17345 series A_.1945
Danish Cons Municip 86 A1946
BerleeBef8s
1946
Denmark 20-year 65
1942
Dominican Rep Con Adm 6f 56'58
Custom AdmIniaten 5345A942
Dresden (City) external 78_1945
Dutch East Indies exti 621._ _1947
40-year 66
1962
30-year external 534s
1953
30-year external 5345
1953
El Salvador (Repub) 85
1948
Finland (Republic) exti Oa_ _1945
External sink fund 7s. _1950
External s f 6345
1956
Finnish Mun Loan 634e A-1954
External 6345 series B
1954
French Repub 25-yr ext'l 8E1_1945
20-year external loan 7346_1941
External 7s 01 1924
1949
German Republic ext'l 7s.._1949
German Cent Agile Bank 76_1950
Gras (Municipality) 8s
1954
Gt Brit & Irel(UK of) 530_1937
Registered
1929
10-year cony 530
Greater Prague(City)730._1952
1964
.Greek Government 75
Haiti (Republic) e 1 65
1952
Heidelberg (Germany)eat 734450
Hungarian Muni° Loan 730.1945
Hungary (Khigd of) ef734s..1944
Ind Bank of Japan 6% note5.1927
Italy (Kingdom of) ext'l 7s 1951
1931
Japanese Govt £ loan 4e
1954
30-year a f 634e
Oriental Development 84_1953
E3
Price
Friday,
Dec. 24.
Bid
Week's
Range or
Last Sale
co.J
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 24.
b
Price
Friday,
Dec. 24.
Week's
Range or
Last Sale
Range
Since
Jan, 1
High
High No. Low
Bid
Ask Low
High NO, Low
High
Leipzig (Germany) el'Ls__ __1947 FA 100 Sale 995g
10014 27
95 101
1003332101332 841 9911820121n Lyons (City of) 15-year 6s__1934 MN
gita 9388
9278 Sale 9234
9314 156
1 9911z:0111:s Marseilles(City of) 15-yr 64-1934 MN 9258 Sale 9212
10013321001312
9314 128
81% 9384
10231321023032 147 100113,0231:1 Mexican Irrigation 430____1943 MN
30 Mar'26
30
31
10233321?ee'26
Assenting 81 4345_ _ _ _ _ _ _1943
1011j3 02113,
3314 Dec'26
334 34
2834 40
exti 55 of 1899 £'45 Zi 3 48
Mexico(U
_ _ _ _ 5112 Oct'26
4212 55
100
1001532Dee'26
9931220023n
424 Sale 4088
Assenting 5/3 of 1899
1945
4084 13
3412 5014
100"32 Sale 1003332101
1748 100"ss 101
41% Dec'26
Assenting Ss large
38
48%
3712 May'25
Assenting 55 small
1011332 Sale 101332 1011 32 977 100314201 1 n
1954 SD 2634 2738 34 July'26
Gold deb 45 of 1904
-17ig 84
27 Sale 2614
Assenting 4s of 1904
2634 22
2014 374
1033.3 Sale 103
1031132 1302 101133203"n
Assenting 4s of 1904 large
27 Dec'26
27
27
10917.: Sale 10917321093032 174 106132 110
2558 Sept'26 - Assenting 4s of 1904 small
254 254
1051h, Sale 10513321053132 38 10215w 06'n
55 -2714 2712 2558 Aug'25
Assenting 45 of 1910
102,432 Sale 1023332103
79 10018,8031n
Assenting 4s of 1910 large
2714 Sale 2612
2714 16
2358 1-7;
2412 59
Assenting 4s of 1910 small.....
2412 Sale 2312
22
31%
10012
100 101
10058 Dec'26
4214 10
Treas(is of'31 assent(large)'33 55 4214 Sale 4214
38
52%
10214
10218 Dec'26
10012 10214
45
42
4214 Sale 3934
Small
374 5318
10012 10238 Montevideo 7s
10214
1952 SD 102 Sale 10158 102
27
96 1024
- 10178 Oct'26
10238
10034 102
10158 Oct'26
Netherlands 13s Mar prices)_ _1972 MS 10711 -- 107
10712 11 10612 110
10614
10512 10614
10634 Oct'26
30-year external 66 (flat)._1954 AO 10312 Sale 10312 1037g 46 1034 10472
10618
10478 10658 Norway 20-year extl 68
10638 Oct'26
1943 FA 102 Sale 101331
102
55
9934 102%
1061,8 1-60"5-8 10612 Dec'26
10458 10634
1944 FA 10158 Sale 10112 10178 68 100 10212
20-year external 65
2 10412 1065g
106 10638 10618
10618
1952 AO 10114 Sale 10114 10184 27 100 10212
30-year external Os
1
9834 9918 9834
9784 99
1985 in 99 Sale 9834
9834
40-year s t 530 temp
9938 68
95
99%
9734 99
9834 _ _- 9834 Sept'26
1955 MN 10038 Sale 10018
10012 22
Oslo (City)30-year f 6s
9812 102%
9834 -9918 9834 Dec'26
9778 99
1953 in 10234 103 10212 Dec'26
Panama (Rep) exti 534s
10012 103
9714 9834 Peru (Rep of) external 813_1944 AO 10334 10434 104
9812 Nov'26
11 10112 105
105
9714 9778
9778 Oct'26
1940 MN 10014 Sale 10014
Eat'sink fd 734e temp
10012 63
97 101%
98
99
99 Mar'26
Poland (Rep of) gold Os
7712 41
61
7712
1940 AO 7614 Sale 7614
10412 106
10558 106 106 Dec'26
461
1950'S 93 Sale 9238
EMI sink fd g 8s
821s 9413
93
10558 106 10534
10414 106
10312 15
10534
Porto Alegre (City of) 85_ __ _1961 JD 10314 10334 1034
9858 105
1102 14 110 11414
8734 8912 Queensland (State)extl 51761941 AO 11112 Sale 11118
891
-.- 89 Aug'26
2-90
8912 Oct'26
8912
8 10418 108
8814 8912
1947 FA 104 Sale 10418 10484
25-year external 65
8834 89
89 Apr'26
4
103%
Rio Grande do Sul extl s f 85_1948 AO 103 10312 10314
98% 105
10158 10212 Rio de Janeiro 25-yr 6 f 8s
10212 Oct'26
7
9714 104
1946 AO 10234 Sale 10212 103
10212 10212
10212 Aug'26
65
103
97 103
1947 AO 10212 103 10238
25-yr extl 88
102 May'26
10134 102
103 107
Rotterdam (City) extl fis__ _1964 MN 103 10334 104 Dec'26
10238 Mar'25
7 10012 1091,
1952 MN 10734 10834 10734
10814
Sao Paulo (City) a 1 88
102 11014 San Paulo (State) ext s 8s 1936 is 10538 Sale 105
102 Apr'26
10512 31 10214 106%
10172 10178
10178 Mar'26
10512 16 tops toe
External s f 88 Int recta__ -1950 is 10514 Sale 105
111 Dec'26
9412 100
11014 111
68
100
External water loan 7s_ _ 1956 MS 9912 Sale 99
7612 Feb.25
9434 26
93
96
Santa Fe (Prey Arg Rep) 74-1942 MS 94 Sale 94
1942 J J 9578 Sale 95,
84
98
8
Seine (France) exti 7s
973t- 172
9758 9852 Serbs, Croats d2 Slovenes 85-1962 MN 9714 Sale 9612
98 Sale 9712
9838 102
8712 9814
9712 63
10018 46 100 10218 Soissons (City) extl 13s
100 Sale 100
35
91
81
9114
1936 MN 9018 Sale 9018
9758 Sale 9758
96
9978 Sweden 20-year 65
9818 71
10334 43 10284 1064
1939 in 10312 Sale 103
9578 100
9712 Sale 9712
9818 69
1954 MN 10212 Sale 10212 10318 48 10112 1054
External loan 530
9614 101
98 Sale 9778
9812 95
Swiss Confed'n 20-Yr 8 f 94-A940 J J 10234 103 11312 11478 33 113 1174
9534 9934 Switzerland Govt ext 5;0_1946 AO 10234 Sale 10212 10318 36 10212 106
9814 Sale 977g
9812 50
973g 9978 Tokyo City 55 loan of 19l2_1952 MS 7512 7534 7512
9712 Sale 9734
9838 72
7534 22
67
77
8914 9014 89
85
9314 Trondhjem (City) eat' 6I45_1944 Si 100 10034 101
8938 27
6
101
9914 10111
9612 9912 Upper Austria (Prey) 75_ _ _ _1945 J D 94 Sale 94
9712 Sale 97
9758 141
9414 17
90
95
100
103
76
10134 Sale 10114
10178
8 10712 111
Uruguay(Republic) extl 8s_ _1946 PA 10834 10914 10912 10912
9818 62
9712
9734 98
9432 99
9512 94
External 5 f 65
1960 MN 9512 Sale 95
94% 97
11058 Sale 11012 11114 56 105 11134 Yokohama (City) extl 68_1961 SD 9314 Sale 93
9314 216
93
94
10734 10814 10734
10814 34 10534 10858
Railroad
9614 Sale 96
88
97
9634 217
Ala Gt Sou 1st cons A 56
101% 103%
103
1943 JD 103 10312 103
9178 Sale 9118
8112 9214 Ala Mid 1st guar gold 5e
9178 265
100% 102
1928 MN 10012 102 10012 Sept'26
9158 10178 Alb & Sum cony 330
10078 Sale 9934
10178 450
2
87
1946 AO 87 Sale 87
84% 87
100 Sale 9912 10038 374
9414 10012 Alleg & West 1st g gu0
8234 86%
1998 AO 8434 _- 8418 Nov'26
11214 11234 11214
6 11112 115
11214
2
95
4 95
Alleg Val gen guar g 45
1942 MS 95 -953921
, 96
10014
9934 100 100
3
98 10212 Ann Arbor 1st g 4s
79% Dec'26
July 1995 Q
7572 82%
7912 81
9734 Sale 9712
85113 9834 Atch Top dc S Fe—Gen g 45_1995 AO 9234 Sale 9258
977g 154
mn2 ga
116
93
103 Sale 103
39
104
9634 104
AO
Registered
88% 91%
9134
9134 13
146
10418 Sale 104
9612 105
105
2
8484 8884
8712
Adjustment gold 48_ _July 1995 Nov 87'8 874 8712
9234 Sale 9212
8114 9334
9312 122
Nov 8414 _- 8412 Sept'26
Registered
8412 8412
10412 Sale 10414
10434 45 10012 105
July 1995 MN 8738 Sale 8738
Stamped
8412 89
8814 25
8914 Sale 8834
8778 90
8912 202
MN 841
Registered
- - 85 Sept'26
8314 85
9514 Sale 95
9512 82 -891s 9612
1
2-89
88
88
Cony gold 45 1909
1955 SD 8812
8434 897
.
1 10358 108
105 10578 105
105
Cony 45 1905
1955 in 8734 Sale 8734
8812 27
8412 8972
1023
4
10112 Sale 10112 10214 65
9212
8778 8712 Dec'26
D 86
Cony g 45 issue of 1910_ _1960
8312 87%
9714 101%
9
99
9912 9912
9912 15
East Okla Div 1st g 4s___.1928 MS 9914 Sale 9914
9934
9834 100
0814 42
1965 is 89-9512 99
98 Sale 98
8878 Dec'26
Rocky Mtn Div 1st 45
8612 90%
10138 62 10034 10318
10138 Sale 101
1
91
Trans-Con Short L 1st 45_1958 Si 9012 91- 91
88
92
10178 60 1011s 10338
10158 Sale 10158
98 Dec'26
Cal-Ariz 1st & ref 4348 A _ _1962 MS
9472 99%
10412 40 102 10558 Atl Knoxv & Nor 1st g 55_ —1946 JD 10434 - - -- 10312 Apr'26
10438 Sale 10414
10312 1031,
9715 99
9
9734
98
9734 98
19
98
Atl & Charl A List A 4344 1944 Si 9814 -- 98
96% 98%
9 10114 105
10314 104 10312 104
4 10212 10434
1st 30-year 513 series B___ _1944 Si 1033
- -- 10334 10334
10814 32 10714 10984 Atlantic City 1st cons 46
108 Sale 108
4-90
1951 J J 8518
8634 Dec'26
8612 86%
10078 52 100 10212 Atl Coast Line 1st cons 45 July '52 MS 9412 Sale 9412
10038 Sale 10018
944 16
92
94%
9234 93 10712 10814 11 107 10988
10-year secured 75
9 104 107
1930 MN 10414 10412 10488 105
9212
9312
9338 750
9212 Sale 9212
General unified 4345
1964 SD 9838 Sale 983s
9878 25
9314 9875
9612 47
9434 9812
9614 Sale 96
L & N coil gold 4a___ _Oct 1952 MN 9114 Sale 9078
9112 40
90
9414
965g 9912 Atl & Danv 1st g 45
9734 Sale 9714
977s 137
6
1948 5, 7958 801a 80
8014
824
76
2312 487g
24
26
2558 Sale 25
284s
73
1948 J J 7258 7418 73
8
65
7612
5
99 10212 Atl & Yad 1st g guar 4&__ _1949 AO 82
10114
10012 10134 10114
821 8212 Dec'26
7614 83
91
46
9718 Sale 96
9878 Austin & N W 1st gu g 55._ _1941 5, 103 ---- 10212 Nov'26
98
100% 10312
9934 101
5
10038
9834 9914 100
93
95
89
95
9418 Sale 941g
Bait & Ohio 1st g U.__ _July 1948 AO 9378 Sale 9358
945s 70
8914 9472
924 9514
139
9412 Sale 9412
8318
95
Registered
July 1948 Q
9212 Dec'26
88% 9212
984 101
9914 Sale 9812
993s 59
20-year cony 434s
1933 M
9714 Sale 97
9714 212
94
9834
9584 9914
9714 Sale 9714
9734 13
9638 Nov'26
S
Registered
8814 96%
10118
98 102
10114 Dec'26
Refund & gen 56 series A1995 SD i6058 ga.-1e 10014
10078 84
93% 10072
10114 -- 10114
98 10214
7
10158
1st g 5s
1948 AO 10434 Sale 10434 10512 120 1021,10512
1
9278 -95
884 1014
94%
94%
10-year 65
10234 43 10214 104
1929 Si 10238 Sale 10214
10218 Sale 10112 10218 19 10012 103
Ref dr gen 66 series C
90 104 109
1955 SD 10778 Sale 10734 108
10518 10512 10514
9934 10512
10538 13
9318 54
PLE&W Va Sys ref 48_1941 MN 93 Sale 9234
89% 9318
10418 105 10414
9934 10512
10478 28
Southw Div 1st 56
1950 Si 10214 Sale 10134
10238 84
98 102%
10458 Sale 10414
957g 105
31
105
Tol& Cin Div 1st ref 48A_1959 Si 8214 8258 81%
74% 8211
8214 37
1004 142
Ref & gen 65 series D__2000 MB 10038 Sale 10018
9718 10012
10934 Sale 10912 110
44 10812 11214 Battle Crk & Stur 1st gu 3s 1989 SD 6312 65
624 Oct'26
61
6512
10912 Sale 10938 110
36 10812 112
Beech Creek 1st gu g 4&.193O 3, 9514 96
9514
4
9558
93
9572
10438 Sale 10334 104% 57 102 10484
SD 9412 9512 94 Aug'26
Registered
94
94
101
_ 10112 1054 Beech Crk Ext 1st g 330_ _1951 AO 82- 83 Nov'26
10214 Oct'26
80
83
9934 -9-978 994
93% 100
137
100
Big Sandy 1St 45
9118
1944 J D 9118 22. 9118
8972 904
100 101 101
9214 10112 Boat & NY Air Line 1st 45_1955 PA 80
11
101
81% 8012
72% 83
8178 17
1034 Sale 103
103113 18 102 10658 Bruns & W 1st gu gold 4s__.1938 is 9553 96,8 95,
8 Dec'26
9314 95,
1
10318 10312 10318 10312 61 103 10612 Buffalo R & P gen gold 5s_1937 MS 10212
1017
,10312
---- 10234 Oct'26
10118 Sale 10118
4 10113 10412
10115
Consol 430
94
1957 MN 94 Sale 9334
8712 9414
55
10118 Sale 10118
8 10118 10514
1011g
-Metered
MN
90 Dec'26
88
He
8714 90
10758 108 10758 1075/3
1 103 10914 Burl R .12 Nor let 56
1934 AO 101 Sale 101
101
2 10014 101%
9214 Sale 9214
8434 93
9258 17
Canada Sou cons gu A U.__ _1962 AO 10484 1051s 10478 Dec'26
102% 1051a
9948 Sale 995g
94% 101
10034 36
Canadian Nat 4346-Sept 15 1954 MS 9434 9512 9512
4
9558
9314 9584
9512 Sale 9514
94
143
97
96
5-year gold 430__Feb 15 1930 FA 98% Sale 9872
991s 31
98
994
9614 Sale 9514
8914 9814 Canadian North deb 5 I 75_1940 SD 1144 11514 11434 115
9614 20
29 114% 11714
9612 Sale 9534
8914
9818
10
9612
20-year 81 deb 830
1946 Si 11738 11784 11738 11758 22 11672 118%
10758 Sale 10738 10734 163
9812 10814
10-yr gold 43.4s_ __ _Feb 161936 FA 9712 Sale 9712
9778 30
9612 9814
10334 Sale 10334 10438 721
9212 10412 Canadian Pao Ry 4% deb stock_ _ 55 8414 8412 84
844 18
80% 87
9814 Sale 98
861g 9912 Carb & Shaw 1st gold 4&__.1932 M
9914 503
958s
1
94
95%
954
106 Sale 10534 10638 47 101% 10712 Caro Cent 15t cones 491
1949 J D 844 -- 8412
3
8412
81% 84%
10012 Sale 10018
94 10112 Caro Clinch & 01st 3-yr 5s_1938 J D 10288 1037101
8
8 10288 Dec'26
101% 1037
,
10112 10214 10114
964 10214
6
10214
lat & con g 6s aeries A __ 1952
D 108 Sale 108
12 10614 109%
108
10412 Sale 10412 10458 59 10314 10618 Cart & Ad lat gu g 46
1981 3D 90
_
8888 Nov'26
8114 90
10458 10578 Cent Branch U P 1st g 4s__ _1948 J D 84 -8i12 8412
10438 Nov'26
8488 11
79% 8612
11714 .
11-/12 11714
11738 12 117% 119
Central of Oa 1st g 65-Nov 1945 FA 10412 105 10412 Dec'26
1031, 106
104 Sale 10312 10412 42
9258 10412
Consol gold 58
10384
1945 MN 1034 104 10384
8 102% 104%
95 Sale 93
98
95
84
95
MN 100 103 10188 Feb'26
Registered
101% 101%
9912 Sale 99
9584 994
9912 25
D 10218 Bale 10218
10214 16 102% 10372
10-year secured 68_Jtme 1929
10234 10312 103
1
103
9618 10414
Het A gen 530 series B_ _ _1959 AO 10434 Sale 1004 10518
7 10112 10614
97 Sale 97
804 100
978 38
Chatt Div per money g 46-1951 in 8778 8812 87%
1
87%
861
, 88%
100 Sale 100
10012 41
934 102
1024 Dec'26
Mac & Nor Div lat g 54-1946 is
100 103%
100 10018 100
10012 91
9988 100%
10212 Dec'26
Mobile Division 53
1946 J J 10178
101% 10212
9238 Bale 9214
881g 9454 Cent New Eng 18t gu 46
9358 906
1961 is 7814 Sale 774
68
7814
7814 28
90 Sale 90
9014 42 55355 004 Central Ohio reorg 430
99
1930 M S 9938
Oct'26
98% 99%
100 Sale 9934 100
9218 100% Central RR of Ga coil g 56_1937 MN 10012 101
286
- -14 004 Dec'26
98% 101%
9488 Sale 94%
85
98
95
95
1124
Central of N J gen gold 58_1987ii 112 1124 112
7 108% 118
11 Deolti
1987 Q J 110% 115
Regartered
108% 111%
Ask Low
1003132 Sale
100
1023132 Sale
1021532
--
3302
New York Bond Record—Continued—Page Z
r.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 24.
1.
Price
Friday,
Dec. 24.
Week's
Range or
Last Sale
Range
Since
Jan. 1
High No.
Bid
Ask Low
91% 12
9178 Sale 91%
89% ---- 90 Sept'26 - 2
9734
9734 ---- 9734
90
90% 9018 Dec'26 -10112 Sale 10112 10134 95
118
11812 Oct'26 -10078 Sale 10078 10118 23
2
103% 10312 10338 10338
8
10212 10212
9712 81
97 9712 97
9458 Oct'26 ---9938 Sale 99
99% 55
10034 ---- 10012 Sept'26
8618 Aug'26 - 87% 8818 8734 Dec'26 - _
85% 8612 8538 Dec'26 9912 Nov'26 -99%
71
7138 37
7134 7118
6814 Oct'26 -6112 44
61% 6134 6138
5914 60 59% Dec'26 ---86% Sale 8638
86% 13
1
8614
8614
94% 18
94% 94% 94%
32
997
9934 104 9934
98% -- 991 Nov'26 - _ _
32
94
9334 Sale 9334
9078 _ ' 9212 Mar'26
4
10634
10614 Sale 106
1
10614 10712 10612 10612
86
12
144 107
2
81 Sale 10
80
63
142 10
10634 Bale
6934 69
69% Sale 6938
Low
High
887, 9214
90
90
9654 9734
9034
87
9712 102
11812 11812
10014 101%
10238 105%
101% 10314
92
9734
93% 94%
97% 99%
10012 10214
88
83
8534 88%
8278 8712
9834 102
65
71%
70
64
51% 62
51
5934
83% 87
8412 8814
9138 94%
9634 10014
9911 9912
90% 94
9118 923s
102% 10712
103% 10712
7318 8134
10158 107
64% 7078
Chic Ind & Loulgy—Ref 68_1947 J J 11312 115 11312 Nov'26 - 1947 J J 10338 10312 10314 Dec'26 - _
Refunding gold 58
Refunding 45 Series C_ __ _1947 J J 9038 ____ 9038 Dec'26 -1966 M N 9978 Sale 9978 10014 14
General 85 A
6
May 19685 J 106% 107 10638 10634
General 68 B
9014 Augl26 - Chic Ind & Sou 50-year 45_1950 J J
Chic L Et & East 1st 435s_ _ _ _1969 J D 9678 10012 97% Nov'26
6
6632
0 M & Puget Sd lst gu 413_ _1949 J J 55 6534
5512 31
US Tr certifs of deposit__________ 55 5534 55
2
86
8534 86 8534
Oh M dc St P gen g 4sSer A.e1989
6
84
Registered
Q J 83 85 84
1
75%
75%
General gold 3318 ser B__e1989 J J 75%
51
96
Gen 4318 Series C_-_May 19891 J 96 Sale 95%
9234 Dec'26
Registered
5712 14
Gen & ref ser A 431s_ _Jan 2014 A 0 5612 58 674
6712 42
_ 57 Sale 6512
Guar Tr Gerd% of deposit_
_-5714 36
55% Sale 551
Gen ref cony ser 13 5s.Jan 2014 FA
5534 13
5518 Sale 5612
Guar Tr centre of deposit_
19343 i 10414 Sale 10334 10414 35
1st sec 23s
56% 26
19321 D 5534 5634 55%
Debenture 4318
5634 71
55% 5614 58
Bankers Tr cent% of deposit
56
5612
7
--ii 6614 _
1925 .1
Debenture 48
5614 19
55
5614 56
U El Mtge & Tr ctfs of den_
1934 3—i 5512 Sale 5512
11
56
25-year debenture 48
5534
_ 5534
3
Farm L & Tr ctis of den-9912 June'26
1926 i—i
Chic & Mo Riv Div 5s
77%
77% 11
Ohio & N'west gen g 3358---1987 MN 77% _
7812 7412 July'26
Q F 75
Registered
1987 M N 8934 91
8934
8972 10
General 48
Q F
87 Aug'26
Registered
8834 Nov'26
Stpd 45 non-p Fed in tax '87 M N 8936 91
10418 10418 10
Gen 43.1s stpd Fed Inc tax_1987 MN 104% General 58 stamped__ . _ _1987 M N 108 109 109 Dec'26 ---1879-1929 A 0 10258 103 103 Nov'26 -Sinking fund 68
A 0 10214 -- 10234 Sept'26 -Registered
1879-1929 A 0 10114 1011 10114 Nov'26
Sinking fund 58
Oct'26 -1879-1929 A 0 101 1011 101
Registered
1
10118
1933 M N 101 1027s 1011
Sinking fund deb 58
MN 101% -- 10114 Aug'26 Registered
1930 J D 10612 Sale 10612 10638 28
10-year secured 78 g
11214 18
15-year secured 6313 g_ __ _1936 M S 111% 11214 1117
3
May 2037 J D 103% 10372 10332 1038
1st az ref g 58
8712 24
Chic R I 6c P—Railway gen 481988 .1 J 8712 Sale 8712
5
8612
J J 8612 Sale 8612
Registered
9238 178
1934 A 0 9214 Sale 9218
Refunding gold 4:8
9112 Dec'26
A0
Registered
8938 20
Oh St L & N 0 Mem Div 45_1951 J D 8932 Sale 8938
St L & P 1st cons g 5e__1932 A 0 10112 10212 10112 Dec'26
10312
2
Ohio St P M & 0 cons 68_ _ _1930 J D 10312 104 1031
Cons 68 reduced to 331s...1930 J D 9412 9512 95 Nov'26 2
9934
1930 M S 9912 10012 9912
Debenture Es
99% 10018 99 Oct'26 -Stamped
7
94
Chic T H & So East 1st 58._1960 J D 9312 Bale 9312
87% 48
Dec 1 1960 M S 8734 Sale 8712
Inc gu 58
7
6612
Chic UnSta'n lin gu 4Hs A.1983 J D 9658 97% 9612
19631 J 10434 105 10434 104%
let 5s seller; 13
10214
7
1944 J D 10214 10234 102
Guaranteed 558
4
19635 J 11812 11834 11838 Dec'26
lst 635s series C
Chic & West Ind gen g 68_421932 Q M 10512 106 10514 Dec'26 _ _
864 11
1952 .1 J 8612 8634 8638
Consol 50-year 48
43
1962 M S 104 10434 10412 105
1st ref 5355 ger A
1952 M N 10418 10438 104 Nov'26 -Choc Okla Ss Gulf cons 5e
Cln H az D 2d gold 4318_ _1937 J .1 9732 -_-- 9714 Dec'26 -9534 Nov'26 -OIStLazelstg48.__Aug 1936 Q F
Aug 1938 Q F 9414 _ _ _ 9314 July'26 ---Registered
1
91
91
9012
---N
M
1942
gu
4o
g
Cln Leb az Nor
10038 Nov'26
On S & CI cons 1st g Ise__ _1928 J J 100
8878 '2
Cleve Chi Ch & St L gen 46_1993 J D 8872 90 887
9834 12
1931 1 J 98% Sale 9838
20-year deb 431e
1993 J D 10658 113 108 Dec'26 -General 58 Series B
10212
1023
10234
Sale
4 15
J
J
1929
series
A
inapt
(is
Ref &
3
1941 J J 107 Sale 106% 107
lis series C
19631 J 103% 104 10334 10378 25
Es series D
--9338
Dec'26
J
J
_1939
Cairo Div let gold 4s_ _
2
86
86
Cln W & M Div 1st g 421_1991 J .1
1
8818
St L Div 1st coll tr g g 40_1990 M N 87% -- - 8818
-.- 8314 Feb'26
M N 85
Registered
9112 Oct'26
Syr az Col Div 1st g 48- —1940 M S Eau
W W Val Div lot g 422.---1940 J I 9012 94 8112 May'26 -°CC &Igen cons g 6s_-__1934 J J 10878 10714 10612 Dec'26 -3
Clay Lor & W con 1st g 5E3_1933 A 0 10158 10212 10134 10134
Cleve & Mahon Val g 51.....-1938 .1 .1 99% -- 9958 Sept'26
5
9812
1935 M N 9812 99 9812
CI & Mar 1st gu g 430
Cleve dc P gen gu 4145 so? 13_1942 A 0 9952 -- 9918 Aug'26 —
19421 J 8672 ---- 10112 Mar'26 —
Series 4558
1948 MN 8614 ---- 8514 Oct'26 -Series C 3318
8458 Sept'26
1950F A
Series D 331e
Cleve Shor Line let gu 431e-1961 A 0 10118 10112 101 Dec'26 -10
10834
10834
10812
-A
0
531e-1972
Cleve Union Term
10434 22
1973 A 0 104 Sale 104
156 5 f 55 ser B
July'26 -Coal River Ry let gu 40._1945 J D 8812 --- 883*
981
9858 29
OS%
99
A
Colorado & South let g 48_1929 F
9
9612
Refunding & exten 4303_ _1935 M N 9612 961% 9612
-8912
Nov'26
9114
9212
0
A
1948
Col & H V let ext g 41
1955 F A 9012 --- 8934 Nov'26
Col & Tol 1st ext 4e
88 Nov'26 -Conn & Paseum Rly let 4a....1943 A 0
1930 F A 9234 ---- 9258 Dec'26 -Consol Ry deb 48
6
70
19541 .1 69 71 6914
Non-cony 48
-- 70 1%14'26
.1 D
Registered
1
71
73 71
Non-cony debenture 4e_ _1955 J J 69
1
71
74 71
Non-cony debenture 4s-__1956 J I 69
38
94%
95
4
95
943
J
.1
5___1952
58
Chiba RR 1st 50-year
1
19361 D 10814 Sale 0814 10814
let ref 7318
2
9912
19363 D 9912 9912 9912
1st!len & ref 68 ger B
9934 24
Cuba Northern Rs lit 68-1966 S 2 9934 Sale 9914
Dos Feb. &Due 1day. p Due Dem
110% 11312
101 10414
7958 90%
92 10014
10314 10834
83% 92
95
97%
47
56
45% 5614
81% 87
84
81
70% 7618
90% 96%
91
9254
4814 5834
4714 5834
4713 5714
47
5714
102 106
5758
47
4634 5758
45% 5734
467s 58
4713 57
47
57%
9812 997
7438 79
7412 7412
8558 9012
8614 87
8518 8914
10114 10418
103 109
1011, 10578
10234 10334
10022 10318
10013 101
100 10212
101% 10138
106% 10818
11114 11414
9932 10414
88
85
8334 8612
8712 9233
8814 9113
8634 90%
101 102
10278 10412
21413 95
9814 101
9812 10014
94%
77
76% 8814
9412 6822
101 1057s
100 10418
11578 11914
9912 10612
81
87%
10012 105
10238 104%
96
9834
9534
93
9314 9314
891
, 91
100 10111
85
8912
9714 1001,
102 108
10134 10378
105 108
9934 104
91
9334
8114 86
82% 8814
(3314 8314
9112
89
8112 90
104% 10754
10114 10234
9958 9958
96% 9834
6918 6612
10112 10112
8312 86
8458 8518
9734 10112
10513 10834
10034 105
86% 8858
9814 9912
953s 9712
87% 9212
87% 90
81
88
7512 9312
6512 73
70
70
651
,75
651, 74
8834 96%
105 110
971s 100
9214 9934
Cent Pao lst ref gu g 4s__ _1949 FA
FA
Registered
Mtge guar gold 3318_ _Aug 1929 SD
Through St L let gu 421„-1954 AO
Guaranteed g 58
1960 PA
Charleston & Savannah 55_1936 is
Chas & Ohio fund & impt ta_1929 is
let cowed gold 58
1939 MN
Registered
1939 MN
General gold 4358
1992 MS
Registered
1992 MS
20-year cony 4358
1930 FA
Craig Valley let g 58
1946 Si
Potts Creek Branch let 48_1946 J J
R & A Div let con g 45__ _1989 is
2d oonsol gold 4e
1989 is
Warm Springs V 1st g 58_ _1941 M
Chic & Alton RR ref g 3s__ _1949 AO
Ctf dep stpd Apr 1926 Int_ __ _
3
Railway first lien 331s_ __ _1950 is
Cds dep Jan '23 & sub coup
Chili Burl & Q—III Div 3355_1949
Registered
Illinois Division 48
1949 Si
Nebraska Extension 48_ -.1927
N
MN
Registered
General 48
1958 MS
MS
Registered
1971 FA
& ref 5s series A
Chicago & East III let 6s 1934 AO
& Ill Ry (new co) gen 5s 1951 MN
1982 MN
Chic Sz Erie let gold 55
Chicago Great West let 4)3_1959 MS
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 24.
Day & Mich 1st cons4318_-1931 J J
Del & Hudson 1st & ref 4a___1943 M N
30-year cony Es
1935 A 0
15-year 5318
1937 M N
10-year secured Ts
1930 J 13
D RR & Bdge 1st gu 4s 6_1936 F A
Den & R G—lst cons g 48_1938 J J
Comm] gold 4318
19361 J
Improvement gold 58
1928 J D
Den az R0 West gen 5s_Aug 1955 MN
DeaM&FtDlstgu4s.19351 J
Temporary ctfs of deposit__
Dee Plaines Val 1st 431s_ __ _1947
Det & Mack—lst lien g 45_1995 J D
Gold 48
19951 D
Detroit River Tunnel 4318-1961 M N
Dul Mambo & Nor gen 5&_1941J J
Dul az Iron Range 1st 58
1937 A 0
Dui Sou Shore & Atl g 58-1937 J
Price
Friday,
Dec. 24.
Week's
Range or
Last Sale
Range
gime
Jos. 1
Bid
Ask zoto
High No. Low 1101
977s 981,
9812 9834 9814 Nov'26
9334 Sale 9334
9414 25 90% 95
77 10614 12212
119
117 Sale 117
4 10278 105%
10358 10414 0414 104%
7 106% 110%
107% Sale 0634 10718
94
95
95 Apr'26
9412 9134 95
9112 Sale 91
853s 91%
4
94%
89 95
9458 9512 94%
41
95% 100
100 Sale 99% 100
7614 901
62
74 Sale 7312
767s
39 474
39 Sept'26
34
41
33% 47
3412 36 34% Dec'26
9613 967s
937 -- 9634 Aug'26
7212
1
70 75
7014
8-7312 7212
65 65
65 68. 65 Nov'26
97
9434 984
9712 97 Dec'26
10311 104%
10334
- 0334 Dec'26
10212 1-6658 0212 Dec'26
101% 1031,
2
7912 90111
7912
7612 7934 7912
East Ry Minn Nor Dly let 40248 A 0
East T Va & Ga Div g 58-1930 J J
1956 MN
Cons let gold to
Elgin Joliet az East 1st g 58 1941 M N
El Paso & S W lat 5s
1965 A 0
Erie 1st consol gold 7/ ext-1930 M S
19961 J
lat cons g 48 prior
1997 J J
Registered
1st eonsol gen lien g 45.....-1996 J J
Registered
1996 J J
Penn roll trust gold 48
1951 F A
50-year cony 48 series A..-1953 A 0
Series 13
1953A 0
Gen cony 421 series D
1963 A 0
Erie & Jersey 1st f 6s_
1965 J J
Genesee River 1st s f 58_1957 J J
Erie & Pitts gu g 331s B
1940 J J
19403 J
Series C 330
Est RR ext1 s f 7s
1954 M N
981* 100
7914 Sale
7912 Sale
85 Sale
11138 111%
11138 112
8814
8814
9334 gife"
Fla Cent & Penn 1st ext g 56_1930 J J
Consol gold 58
19431 J
Florida East Coast let 4%6_1959 J D
1st az ref 58 series A
1974 M S
Fonda Johns & Glov 431s
1952 MN
Fort St U D Co lst g 430_ _1941 J J
Ft W & Den C lgtg 5350
1961
Ft Worth & Rio Gr 1st g 4s 1928 J J
Frem Elk & Mo Val 1st 68 1933 A 0
10012 100% 100% Nov'26
10138 ..Dec'26
101%
9814
9812 9814 9818
9934
9934 Sale 9932
6334 Sale 6334
6334
94
9014 Dee'25
10634 Sept'26
10514
975g
97% Sale 9752
10712 109 10712 Nov'26
GH&SAM&P let 5s__ _1931 MN
1931 J J
2d extens 13(3 guar
Galv Hous & Hend let 6&_J933 AO
Ga & Ala Ry 1st cons 139-0et 1945 33
Ga Caro & Nor 1st gu g 5s_ _1929 S i
Georgia Midland 1st 321
1946 AO
Gr R &I ext 1st gu g 43113._ _1941 J J
Grand Trunk of Can deb 78_1940 A0
1936 MS
l5-yearsf6s
Grays Point Term 1st 5s_ _1947 S D
Great Nor gen 78 aeries A
1936 ii
Registered
S i
1st & ref 4318 series A_-__1961 J J
General 5358 series B
1952 IS
General 58 series C
1973 is
General 4355 series D
1976 J J
Green Bay & West deb ctfe A---- Feb
Debentures ctfs
Feb
Greenbrier Ry let gu 4s____1940 MN
Gulf Mob & Nor 1st 53523.-19E4 AO
Gulf& SI 1st ref & ter g bs _81952• J
9714 1014
1
10012 10034 10012 10012
100 101
100 10012 100 Dec'26
9311 99
Ws 97 97% Dec'26
96 100
9734 9812 9734 Dee'28
99% 100%
9934 100 9934 Dec'26
74 • 4 63 74
7314 7218
72
95% 977s
9632-- 9658 Dec'26
11 113 11612
115 11512 115
115
1068s 108
107 107% 106% 1073s
9512 9511
94% ____ 95% Oct'26
11334 Sale 11334 11634 80 109% 116%
11214 1181s
11338 Nov'26
211, 9810
6
9634
9634 Ei;fe 9638
108 Sale 10714 10912 71 1025s 10912
9714 10312
10218 Sale 10218 10234 166
904 957s
94% Sale 9334
94% 222
78
85
84 Oct'26
83 _
1312 2344
22% 12
2212 2-2-78 22
888
92 Dec'26
.92
101 106
1051 Dec'26
10434
1031s 10714
1063s 109 107% Dec'26
Hocking Val let cons g 4348_1999• J
Registered
1999 J J
Housatonic Ry cons g 58
1937 MN
H & T C 1st g int guar
1937 S i
1930 MN
Waco &NW lst 65
Houston Belt & Term let 55_1937 SI
Houston E & W Ter 1st g 58-1933 MN
15t guar 5/3 red
1933 MN
Hod & Manhat 5s series A 1957 FA
FA
Registered
Adjustment income 5aFeb 1957 A0
98
9818 ---- 98
95
98 90 May'26
9812 9834 9812
9812
101 Nov'26
10134 10134 Mar'26
102
9812 100 9912 10018
Hers
10014 Oct'26
10034 -- 101 Nov'26
98%
9838 Sale 9818
97 Apr'26
8418 Sale 8418
84%
Illinois Central 1st gold 4s_1951 is
1951 is
Registered
1951 IS
let gold 3316
J J
Registered
Extended 1st gold 3318-1951 AO
1951 MS
let gold 38 sterling
Collateral trust gold 4s.....1952 A0
A0
Registered
1955 MN
let refunding 48
1952 S i
Purchased lines 3316
31
Registered
Collateral trust gold 48...-1953 MN
MN
Registered
1955 MN
Refunding 58
1934 IS
15-year secured 5318
15-year secured 6115 g..1936 S i
Aug 1 1966 P A
40-year 43:5
1950 S D
Cairn Bridge gold 48
Litchfield Div let gold 36_1951 • J
Louisv Div & Term g 331s-1953 J J
J J
Registered
Omaha ow 1st gold 3s__1951 P A
St Louis Div & Term g 31-1951 I J
1951 51
Gold 3353
Springfield Div 1st g 3318.1951 is
Western Lines 1st g 48.- 1951 P A
1951 FA
Registered
In Central & Chic St L & NO—
1963 S D
Joint let ref 58 series A
1951• D
Gold 58
ID
Registered
1951 ID
Gold 330
Ind Bloom & West 1st ext 46-1940 AO
1950 51
Ind Ill az Iowa let e 43
Ind & Louisville 1st gu 422-1956 IS
hm onion Ry gen Es ser A-1965IS
1965• J
Gen & ref Es series B
Int & Chi Nor 1st Os ser A I952 J J
Adjustment 68 ser A July 1952 Aprl
APrl
Stamped
N
Int Rys Cent Amer 1st 58-1972
1941 MN
1st coil tr 6% notes
Iowa Central 1st gold 58-- 1938 ID
Certificates of deposit
1951 IW13
Refunding gold 48
James Frank & Clear let 412_1959 ID
9334 ---- 93% Oct'26
91
93 93 Mar'26
85% Nov'26
8234 Jan'25
87 Sept'26
73% 80 72 Nov'26
9014 9012 9014
9014
84% -___ 8034 Nov'25
9312 9334 9312
9414 22
8234 83 8414 Dec'26
841 July'25
8832 Sale 8838
88% 10
85% _- 8512 Oct'26
108 Sale 08
6
1081
10234 10314 02133 103
35
112% 112% 1314 Dec'26
66% Sale 9614
96% 185
92%
-_ 9258 Dec'26
7578 -7612 76 Dec'26
12
83
8212 8234 8212
81
8118 Aug'26
75%
7618 Dec'26
.Thr2
75 Oct'26
8414 86 8512 Nov'26
84 Sept'26
84
90 Nov'26
9014
84 Aug'25 —
88
93
8
10034 1-667106 10612
102% 10412
10434 Sale
10678 10714
8212 82%
77% 80%
7418 Sale
_
91
9212 Dec'26
9212
0034 10114 14 100% 10144
4 1005s 10634
06
106
101% 10471
0218 Nov'26
5 1021, 1051s
0434 10434
5 105% 10815
06% 107
7412 821s
81%
82% 42
77% Oct'26
77% 777s
7412
74
7412 331
64
72%
7212 11
65
72%
9814 Dec'26
96% 9851
7812
79% 38 67% 7914
67% 79%
7912 21
7812
731s Ms
8432
8512 926
7 104 112
11138 11178
2 104% 112
11134 11134
92
86
8812 Nov'26
88 89%
8838 Sept'26
811s 9514
93%
9518 89
2
53
1
98 100%
9814 102
95% 99
97 100%
58% 66
ioa"
1
3
10
67
Tia
96
107
107
9844
108,
1
911s 98
90
90
954 9912
100 1094s
10114 10144
961, 10016
1001
,1011
,
100 1014
921s 937s
97 97
7514 847S
9114 977s
93 93
8814 91
"airs iff72
71
2212 22
9O7 94l
8132 8532
85 894
8511
105 1081s
10114 10414
1111s 11344
9578 9834
903s 927s
74
761s
8034 83
7838 8211
7312 7615
73% 75
8118 8714
8212 85
89% 904
sals
10312 Sale 03% 104
991s 104
128
10512 107% 0512 Dec'26
10314 1051s
10214 10214
10314 -- 0214 Apr'26
781
, 7812
79% -- 7812 Feb'26
91
931s
9212 -- 93% Dec'26
9312 --- 86% Dec'26
8612 92
86
87 8612 Dec'26
791s 8612
10212 10314 0234 Dec'26
100% 104
10212 10312 0212 Sept'26
1007, 10311
10612 Sale 06% 106% 38 103 1071s
85 Sale 84%
86 647
66
86
8212 82% 81%
8112
6914 811
30
,
75% Sale 7412
7412 81
75% 48
95 Sale 95
35 941, 98
95
5312 Sale 5312
5318 65,
1
5334 36
53% 5354 5418 Dec'26
5312 65
16% 1712 1634
15
3
2311
17
9114 ---- 9114
8818 917s
1
9114
KaA&GRlstgugas
1938 S i 10212 10514 101 Apr'26
1990 AO 8534 87 8512 Dec'26
Kan & M let gu g 48
1927 S i 100 10018 99% 100
2d 20-year Es
C Ft & M cons g(W_-1928 MN 101% 10134 101% 10112
K C Ft S& M By ref g 48_1938 AO 9214 Sale 9214
9212
HC&MR& 13 15t go 55-1929 AO 9912 99% 9934 Dec'26
7334
Kansas City Sou let gold 35_1950 AO 73% 7314 73%
Apr 195055 99 Sale 99
99%
Ref & impt tle
101 101
87
83
99114 101%
15 10012 103%
139% 93
43
9824 10212
76
72
6
93% 99%
38
3303
New York Bond Record—Continued—Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 24.
Prise
Friday.
Dec. 24.
Range
Since
Jan, 1
Week's
Range or
Lass Sale
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dee, 24.
Price
Friday.
Dec. 24.
Range
Since
Jan. 1
Week's
Range or
Last Sale
High No. Low
Ask Low
Bid
Bid
Ask Low
High No. Low
High
Hig4
Kansas City Term Ist 48......1960 J J 8818 Sale 88 1 es 888 43
85 88% NY Central & Hudson River—
1997 3' 8012 8134 8112
19
Mortgage 3348
76/
1
4 82
Kentucky Central gold 48_ A987 3 J 878 88 8712
87/
1
4 •1
92
82
86
871
33
Registered
1997
J
79 Nov'26
Kentucky & Ind Term 4348_1961 3
81
7658 80%
9112
2 Bale 85 s Nov'26 -Debenture gold 45
1934 MN 9612 Sale 9612
1961 3 J 87
Stamped
9414 9634
9634 36
8912 9014 Nov'26 8014 9014
MN
Registered
94% Dec'26
Lake Erie & West 1st g 5s_1937 .1 J 10214
9418 9414
— 102% Dec'26 ---- 100 103
1942
J 9314 9514 95/
1
4 Dec'26
1941 J J 10012
30-year debenture 4s
9214 97
2d gold 58
100 Dec'26 98% 101
1
Registered
93 Feb'25
Lake Shr & Mich S g 3348_1997 .1 D 81
78/
1
4 8214
81 . 81
7
Lake Shore coll gold 330_1998 FA 79
80 79
1997 3 D -------- 80 Dec'26 - —
Registered
80
7912
77
1
1998 FA 78
1
Registered
79 78
Debenture gold 45
193
928
1 RI
MN
S 98
758 62
78
758 99
99
9838 9934
76
7818
778 97
83
142
Mich Cent coll gold 334e..1998 PA 80 8134 83 Dec'26
78
84
25-year gold 4B
9614 9734
Registered
1998 PA 7818 8014 7834 Sept'26
1931 M N
Registered
80
96 Dee'25 77
N Y Chic & St L let g 4s1937 A0 9514 ---- 95
9614
Leh Val Harbor Term 5s_--1954 F A 10438 10434 105 Dec'26 ---- 102 105
92% 9614
1937 A0
Registered
9314 Mar'26
92
Leh Val NY 1st gu g 430_ _1940 J 3 9858 991
/
4 9858
9858
1
90
99
9314
1931 MN "Oirs 9634 9614
7
25-year debenture 45
981
Lehigh Val (Pa) cons g 48 2003 M N 8612 86/
8612
5 82/
1
4 8612
1
4 8714
9311 97%
M N
1931 MN 10214 Bale 10214 1021
37 10218 105
2d 68 series A B C
Registered
8012 May'26 80
83
57
9834 24
Refunding 534e series A 1974 AO 10412 Sale 10412 105
General cons 4348
2003 M N 967 9712 9712
92 99
9812 105
Lehigh Val RR gen gs serjes_2003 M N 10478 10512 105/
10418 1043 10418 Ms 44
Refunding 5 345 seem B 1975
1
4 10512
9814 10521
5 10012 10534
19
NY Connect let gu 4340 A1953FA 96/
1
4 97 9614
97
Leh V Term By 1st gu g 50_1941 A 0 10212 10334 10212 Dec'26 -- 102 105
92
97
FA
2
M
S
1953
103 1031 10338 10338
8912 90
1st guar be series B
Leh& N Y Ist guar gold 4s 1945
8912 Dec'26 ---85
1001. 105
90/
1
4
N Y & Erie let ext gold 413_1947 MN
9134 Oct'26
Lex & East 1st 50-yr Eer gu 1965 A 0
___ 10934 10934
1
4 110
89/
1
4 9141
3 105/
1933 MS
1952 M N 1093498 Sept'26
Little Miami 45
86
88 8612 Oct'26 84/
3d ext gold 434s
1
4 87%
98
98
1930 AO 10014 -- 10038 Mar'26
1935 A 0
4th ext gold 58
109 109 Oct'26 Long Dock consol g 68
109 10934
10018 10051
1928 3D 98/
99 Mar'26
5th ext gold 48
Long Isld let con gold 5aJuly1931 Q J 10034 ___ 10034 Nov'26 --- 10018 101
9838 99
1
4 101 Dec'26
1st consol gold 4s____3u1y1931 @ 3 9512 —_ 9712 Aug'26 ---94 101
9412 9712 N Y dc Greenw L gu g 5e___ _1948 MN ee12
General gold 48
1938 J D 9314 _
9314 Dec'26 ---90% 9314 N Y & Harlem gold 334s_ _ _2000 MN 8138 821 8118 Dec'26
7914 811s
MN
80 Dec'26
Gold 48
1932 3 D 9458
Registered
97 July'26 80
97
97
80
Unified gold 45
1949 M
8834891 8914 D'2
Dec'26 ---8438 91%
1
80 July'2 - --N Y Lack & W 1st & ref 58.._1973 M N
Debenture gold 58
97/
1
4 100
993g 102
1973 M N 10111
102 Dec'26
9818 -99 9734
First & ref 4345
20-year p m deb 58
g411
08'4
7
94 100
106 Nov'2 -- 106 10614
2 85
106
Guar refunding gold 48...._1949 M I3 8812 89 8812
9038 N Y LE&W let 78 ext_ _ _1930 M
8812
3 100/
1932 F A 10012 1003-4 10012 100'z
Nor Sh B 1st con gu 5e_Oct '32 Q 3 100 10034 9978 Dec'26 -/
4
1
4 1011
99% 100% N Y & Jersey lst 55
92 90 Dec'26
90
Louisiana & Ark let g 5e_A997 M S 10034 101% 10118 Dec'26 --90
9978 10118 NY & Long Branch gen 8481941 ki"
90%
_
9138
91%
Lou & Jeff 13dge Co gu g 48-1945 M S 8912 90 8912
88
86% 9012 NY&NE Bost Term 411_1939 A 0 90
913
s Oct'2
89'2 1
4
78
78 Sale 7712
Louisville & Nashville 5s 1937 M N 10378 105 1051 Dec'26 -„, 10212 10534 NYNH&H n-e deb 4s 1947 M
7012 78
9314 Nig
60 June'25 -Unified gold 45
19403 1 9578 Sale 9578
Registered
9688 121
4 72
6834 Dec'26 - - _
Collateral trust gold 5s„..1931 M N 101 10212 1014 Nov'26 - — - 1001/
Non-cony debenture 3343_1947 M S
1
4 104
6231 76
8 105 10911
10-year secured 78
10512
1930 M N 105 10574 105
6134 7014
Non-cony debenture 330..1954 A 0 6912 7014 6838 Dec'26 --78 7714
7714
1
let refund 5348 series A 2003 A 0 108 Sale 108
61534 77%
108
13 105/
1
4 11014
Non-cony debenture 4s-1955 J J 77
76/
1
4 78 7634
78
1st & ref 55 series B
2003 A 0 10614— 10612 Dec'26-- 101 10814
5758 78
Non-cony debenture 4s___1956 M
74
1956 3 J 6912 70 6812
6934 21
let & ref 434s series C
2003 A 0 9978 foo loo
100/
1
4 49
61
Cony debenture 3345
96 10014
NO & M 1st gold (is
1930 J J 10378 107 1037
1948 J J 10512 Sale 10478 10534 49
9734 1057s
Cony debenture 68
10378
1 10378 107
Deo J J 10312 105 10334 Oct'26 --- 10311 104
10312 Dec'26
2d gold 6s
96 10312
J J
Registered
Paducah & Mem Div 48_1946 F A 9312--- 9314 Dec'26---9612 10312
1940 A 0 jail Bale 103
10312 142
91% 9314
Collateral trust 65
70
21
St Louis Div 2d gold 35_1980 M S 6718 -68 6712
1957 M N 6914 6912 6938
58
6512 68
7012
Debenture 413
6712
5
4 98% 113014
Mob & Monte 1st g 434e 1945 M S 10018 ___ 10014 10014
8434 89%
Harlem R & Pt Ches let 4.1954 M N 88% 8912 89 Dee'28 -9974 Rgjeg
South By joint Monon 48_1952 3 3 8712 Sale 8712
- 9978 Nov'26 -85% 89
N Y & Northern lst g 58_ _ _ _1927 A 0 99%
8734 61
43
77
Atl Knoxv & Cin Div 48_ _1955 M N 9338 9414 9414 Dec'26
67% 7712
90
9414 NYO& W ref let g 48..June 1992 M S 77 Sale 7658
7212 Dec'26 -Lousy Cth dr Lox Div g 4345'31 MN 9978 10012 100 Dec'26
M S
6212 72/
1
4
9914 100
Registered 25,000 only
7212 47
Mahon Coal RR 1st ISs
103 Dec'26
1956 3 D 7212 818:1e- 7112
1934 J 3 103
10154 103
8212 7212
General 45
67 6614 Dec'26
Manila RR (South Lines) 413_1939 M N 66
6012 67 N Y Providence & Boston 48.1942 A 0 8834 --- 8612 Dec'26 -8612 8814
3
4
_DJ 73
79 72
15t 40
7312
6212 7614 N Y & Putnam 1st con gu 451993 A 0 8918 Sale 8918
89%
4
8614 8933
Manitoba S W Coloniza'n 5s r919
4 D 100 10012 10012 Dec'26
100 101
9934 10034
1927 M
9978 -- -- 9934
NY&RB let gold 58
99%
1
2
8712
Man0B & N W 1st 330-1941 3 J 85 87 8312 Oct'26
8312 85 N Y Sus(' & West lst ref 58_1937 .1 J. 8512 871 8512
7738 8978
Mloh Cent Det dc Bay City 56...31 S M 10138 iOl3a 10134 Nov'26
10074 102
1937 F A 7014 7314 7314
26 gold 4348
7314
7314
8 64
3 63
71%
Registered
@M
101 Dec'26
/
4
9938 101
1940 F A 7118 72 701
General gold 55
74113
Igo
J
J
Mich Air Line 4e
95
9612 Dec'26
1943 M N 98 -- 99 July'28 -92% 9612
97% 99
Terminal let gold 55
J J
Registered
92 Nov'26
1
4
7938 42
92 92
N Y W'ehea & B let ser I 4348'48 J J 7918 Sale 78/
69/
1
4 7972
J L & ill 1st gold 3/
1
48
803g
1951 M B 8384 -- 79 Nov'26
79
153
let gold33488512
111
-8638 8588 Dec'26
91
86
1950 A0 9058 Sale 90
83
7714 91
Nord Ry ext'l s I 835s
6 93/
20-year debenture 48
9812
9214 96
r
i 39 9812 Sale 9838
1
4 98% Norfolk South 1st & ref A 513_1961 PA 92 Sale 9034
7714 9214
ge
5 98 101
Mid of NJ 1st ext 58
9534 25
957 9514
1940 0 95
Norfolk & South let gold 58_1941 MN 10014 Salt .10014 1001
2 10012 101/
100% 1007*
Mllw LB & West imp g 5&.1929: A 100%
1
4 Norfolk & West gen gold 68_1931 MN 10512 106- 10612 Dec'26 -- 10514 108
1
4 -9612 94/
Mil & Nor let eat 434e(blue)1934 3 D 95/
1
4 Dee'25
Improvement & ext 8s-1934 FA 10834 ___- 10834 Nov'26 ---- 10813 110
Cons ext 4348 (bro'w11) 1934 3 D 9.512- 9512 Dec'26
154 9913 New River 1st gold 65.._ 1932 AO 107 ____ 10718 Dec'26
10674 107/
1
2
kill Spar & NW 1st gu 4k
9134 13 9178 Dec'26
93
7
1947 M
89
93
90/
1
4 9314
N & W Ry let cons g 4s 1996 A0 93 Sale 927g
hillw & State List gu 330_1941 3 J 83 ___ 811/
21
1
4 Deo'25
1996 AO
9
93
012 Oet'
93
89
9212
Registered
9072 9412
Div'l 1st lien & gen g 48_19443, -55; IA
2 19
Minn & St Louis let 7s
1929 MS 161161
16211 21 138 167
1927 3D 9812 9988 9812 Dec'26
9812
98
10-yr cony. Os
_ 100 100
let guar g 75
9412
Pocah C & C joint 45—_1941 3D 0012 113.12 0318
1927 3D 9978 101 100 Nov'26
91
0318
7
3 66
let C0151301 gold 58
56
North Cent gen & ref 58 A__1974 MB 10612 10658 10514 Dec'26-- 100/
1934 MN 5312 54 56
84
1
4 105/
1
4
MN ___ 54 5512 Dec'26
9414 12
Temp etts of deposit
55 6334 North Ohio 1st guar g 55—__1945 A0 9414 Sale 94
88
9714
3
let & refunding gold 45_....1949 MB 18
19 18
86% 9158
9138 28
18
1734 23 North Pacific prior lien 48-1997 Q J 9114 Sale 9114
1997 Q J 9018 ____ 907s Dec'26 -Ref & ext 50-yr 58 ser A-1962 Q F 13
1312 1312 Dec'26
Registered
12
86
1614
90%
28
66
9
M St P&SSM con g 4.191 gu'38 Ii 8834. 89 8834
Gen'l lien gold 3s_ _- _Jan 2047 @ F 6558 6534 6538
89
8572 9112
61% 66%
1
85
a
Jan2047 Q F 65 6614 65
Registered
1st cons 5s
60
9712 9924
651s
98%
1938 .1' .1 98 9812 9814
9638 17
Ref & Impt 4Ms series A__2047 J J 9534 Sale 9534
let cons 58 gu as to int
87
9712 99%
9624
9812 10
1938 J J 9812 Bale 9814
3' 9114 ___ 1128 Apr'25 -Registered
10-year roll trust 6Ke_1931 MS 10168 Sale 101/
1
4 10134 24 1013s 106
11
10
2174
Ref & impt 60 series B__2047 3' 11318 Sale 128
8 m1
a1
10014 106
10814 11414
r.3
216
4
Ist&ref6sserlesA
1946 33 10012 10038 10014 10034
3
3'
_
MS
Registered
9014 91 9014
88/
1
4 97%
25-year 5355
11014 11014
9012
1949
10312 26
204733 ioi 61;1e 103
Ref & impt 5e series C
- 93 Mar'26
93 93
1st Chicago Terms f 4s__ _1941 M N
9814 104
1
4 10312 10
93 10112
Ref et impt 58 series D_,204733 10312 Sale 103/
9512 961z 9478 Nov'26
Mississippi Central 1st 5e
9814 10312
1949 3, 9632440
87
Nor Pae Term Co 1st g 65_1933'3 10934 110 10934 Dec'26
Mo Kan dc Tex—lst gold 48_1990 in 8612 87 8612
84/
1
4 88
10104 11014
gg1
/
4 103 Nor of Calif guar g 58
71
1
4 10434 May'26 -- 10112 10544
1938 A0 105 105/
Mo-K-T RR—Pr 158 ser
_1962'3 10138 Sale 10118 102
1930 .1
10234 Sale 10258 Oct'26
8012 8612 North Wisconsin 1st 65
40-year 45 seem B
8612 76
10212 10314
1962 .1 J 8538 Sale 85
1
4 10414
10-year 130 series C
1932 ii 10234 Sale 10212 10278 28 101/
8178 11
1
4
9012 97 Og & L Cham 1st gu 4812-19413 J J 8174 Sale 81/
Corn adjust 511 ser A Jan_1967 AO 9618 Sale 9578
9678 454
78
82
Ry
1st
45_
_1943
M
9214
_
_
Missouri Pacific
Ohio Connecting
9034 Dee'25
1st & refunding 58 ser A 1965 PA 9958 Sale 9914
99% 99
89/
1
4 100 Ohio River RR lst g 56
1936 3 D 102 10212
- 101/
1
4 Oct'26
10011 10238
1st & refunding Els ser D1949 FA 10612 Sale 106
1
4 1011s 10 1005e io2t,
10634 91 10134 10714
General gold 58
1937 A 0 10112 102/
1
4 101/
1st & refund fls ser E
1
4 Oregon & Cal lst guar g 58_1927 J J 100 10012 100
1
4 10612 73 101114 107/
1955 MN 10612 Sale 105/
1
4
10014 22 100 101/
General 45
77 Oregon RR & Na,eon g 48.19463 D 9212 -- 92/
82/
1
4 Dec'26
7634 Sale 7638
77 281
65
1
4 9212
1975 M
3 10414 103
Mo Par 3d 7s ext at4% July 1938 MN
9234 Dec'26
93 Ore Shore Line let cons e 58_1948 J J 10714 1-0758 10634 10638
88
8 105/
Guar cons fe
1946 J J 10718 10734 10714 10714
1
4 108
Mob & Ell prior Ilan g 58-1945 J J
9812 38
99 Sept'25
Guar refunding 48
1929 J D 9838 Sale 9814
9678 2874
7934 9O7 Oregon-Wash 1st & ref 413-1961 J J 87 Sale 87
Mortgage gold 4e
100188612 873-4 86/
1
4 Dec'26
8712 20
1945
8354 8712
3
Small
19453 3
78% 87 Pacific Coast Co let g 5s
/
4 Sale 9122
85% 7884 Sept'26
1946 J D 911
9214
9158 96
7 10014 10355 Pac RR of Mo 1st extl g 4s_ _1938 F A 9334 9434 9318 Dec'26
Mobile & Ohio new gold 65_ _1227 J D 165'4 sale 100/
1
4 101
9112 94114
10 100 103
1st extended gold 6s J uly1927 Q J 1001
/
4 10038 10012 Dec'26
10013 10614
26 extended gold 65
1938 J J 1021g 1021 10218 103
2
General gold 45
1938 M S 9212 931 9212
93
90
93% Paducah & Ills let s 4348_1955 J
9714 98 9814 Dec'26
96/
1
4 9814
85/
1
4
Montgomery Div lot 8 68-1947 F A 100 10114 100 Dec'26
9834 101
1
4
Paris-Lyons-Med RR 611_1958 F A 8514 Sale 84/
7312 86
1927 J D 99% 100 100 Nov'26
99/
1
4 10012
9512 267
St Louis Division 5e
Sinking fund external 7s 1958 M
9512 Sale 9412
82
9512
948
_ 90 Dec'26
42
Mob & Mar 1st gu gold 49_ _1991 M S 9014
87
98% Paris-Orleans RR 13 I 7s
1954 M S 94 Sale 9334
82 95
Mort C let gu 611
1937J J 110% 11312 11124 Nov'26
109% 11212 'Mullets Railway 75
102 1021 102
102
3 10058 103%
1942 M
J J
Registered
10914 Oct'26
10914 10914 Pennsylvania RR cons g4s 1943 M N 95%
95% Nov'26
9314 9514
1st guar gold 58
1937 1 3 10238 105 10314 Dec'26
;011
/
4 10334
95/
1
4 11
Consol gold 4s
1948 M N 95 -957- 95
9112 99%
13
8012
77% 8154
1
Monis a,Essex lst gu 334s 2000 J D 80 8114 80
45 sterl stpd dollar_May 1 1948 M N 95
_ 95
95
911
/
4 9814
1
4 100% 10012 10034
Nasal,Chatt & St L 1st 50-1928 A 0 100/
10018 101%
Consolidated 454s
1980 F A 10134 1-021 10158 10134 15
9874 102
1937F A 102 103 102 Dec'26
gg% 116
N Fla & lot Hull 5a
10024 10314
General 4348 series A— _ 19653 D 99% Sale 99/
1
4
9414 100
Na$ItyofMexPrlien4j40,_1967J 3
30 Sept'24
19 10212 108
General te series B
1968 J D 10734 108 10734 108
July 1914 coupon off
19 Apr'25
82 10614 10014
10-year secured 7s
1930 A 0 106/
1
4 Sale 106/
1
4 107
14/
1
4 Sale 1412
35
Assent cash war rct No 3 on
15
1412 22/
1
4
15-year secured OM
11232 34 111112 11812
1936 F A 112 Sale 112
-years f 48
1977:
Guar 70
5-15 _
8712 Aug'25
Registered
11114 Oct'26
11114 11214
F A 11118
9
Assent cash war rct No 3 on 1-3 1512 Sale 15/
1
4
40-year gold 198
1612
15
27
1984 M N 10214 Sille 102
102/
1
4 68
9844 10210
3812 JulY'25
Nat RR Mex prior lien 4348_1928
85__ 87 Oct'26 ---Pa Co gu 334a colt tr A rag_ _1937 M
37
87
J J
July 1914 coupon on
24 Sept'25
Guar 3345 coil trust ser 13.1941 F A 8512 -89 87 Nov'26
83 87
25l
2234
24%
Assent cash war rct No 3 on
2434
"al 'Eli Guar 3345 trust ctfs C 1942 3 D 8478 _
841s Aug'26 ---84
8410
1951
28 Apr'25
let C0111101 4e
Guar 335s trust Ws D
1944 J D 8412 _ _
85 Nov'26
_
85
82
A 0
1812 June'26
April 1914 coupon on
Guar 15-25-year gold 4E__ _1931 A 0 9738
1813 21
97%
97%
9614 9724
2
1212
Assent cash war rot No Son. ---- 1212 14
1212
1212 20/
1
4
1952 M N 8834 ---- 8914
891
/
4
1
Guar 4s series E
864 8914
1945 33 97% 101 9718 Dec'26
9514 10012 Peoria 4: Eastern let cons 48_1940 A 0 8514 Sale 8514
New England cons 55
2
7922 8712
8514
1945 J' 8638
8612
8612
2
Consol guar is
81
87
Income 48
April 1990 Apr. 42% Sale 4112
42% 41
85
427s
8434 8514 Peoria dc Pekin Un let 5345_1974 F A 10314 _
J Juno RR guar lot 48.._1986 PA 8538 86 8438 Sept'26
10338 1033s
1 10014 104
.1
Mg
961 96%
1
NO&NE 1st refacimp 4%8A'52
9618
9224 97% Pere Marquette 1st ser A 54_1956 J .1 10334 Sale 103% 103% 39 1014 10412
1953 3' 87
87% 87
8734 26
New Orleans Term 1st 421
84
8814
lst 48 series B
19563 J 88% 8914 8914
8938 16
We 8924
9978 10
95
9514 94%
NO Texas & Mel n-o inc 58_1935 AO 99% 1001 9978
94% 12
9322 9514
9614 10034 Phila. Balt & Wash 1st e 4s 1943 M
1954 AO 1001
/
4 Sale 9978 10014 101
96 10078
1st fei serlea B
General 5s series 13
1974 F A 110% 11012 110 Dec'26
1061s 11112
1954 AO 1047g Sale 10434 10514 19 102% 10512 Philippine Ry 1st 30-yr of 48 1937 J J 42
421
/
4
4234 42
1st 534s series A
5 4013 45
94/
1
4 97 Pine Creek registered 83
1932 J D 10638 10714 10612 Dec'26
N & C Bdge gen guar 4346_1945 33 9634 ____ 9634 Dec'26 10612 10612
10114 Nov'26
NYB&M 13 1st oon g 55_1935 AO 10034 _
9924 102 PCC&StLgu434sA
1940A 0 99% __ _ 9938 Nov'26
9674 10014
1 104% 109
1942 A 0 99%
99/
1
4 Nov'26
NY Cent RR cony deb 68_1935 MN 10714 108 10712 1071
Series B 43•03 guar
96% 99%
MN
106/
1
4 May'26
106/
1
4 10612
9958
1942 M N
100 Dec'26
Registered
Serlee C 434s guar
9714 100
9012 107
1998 FA 9012 Sale 90
1
4
1945 MN 95/
94/
1
4 Nov'26
Consol 45 wiles A
Series D 45 guar
85% 90/
1
4
93/
1
4 98
2013 AO 9812 Sale 9814
9812 44
9214 9812
9512 Nov'26
1
4 9811
92/
Series E 3348 guar gold-1949 F A 9512
Ref & impt 4345 A"
2013 AO 10514 Sale 10518 10512 77 1011
/
4 106
19533 D
97% Dec'26
Series F 43 guar gold
Ref &'rapt 58 series C
927s 97%
AO
10318 10334
95 Nov'26
1957 M N 9512
Registered
10338 Oct'26
9713
Serbia 045 guar
93
li g 007. _
100
7
Mt
-ani
1
3304
New York Bond Record—continued—Page 4
r.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 24.
E3
t
Price
Friday.
Dec. 24.
Bid
Veek's
Range or
Last Sale
Ask Low
‘
1
tcA
High No, Low
Pitts Cin Chic & St L (Concluded)
Series H 4e
1960 F A
Series I cons guar 4366____1983 F A
Series J 4365
1964 M N
General M 5s series A_ _1970 J 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 lst gu 8s____1932 J J
2nd guar 6s
1934 J J
PIttel3h &LE late 5s
1940 A 0
1st consol gold 56
1943 3 J
Pitts vs & Char let 4a
1943 MN
Pitts Y & Aeh 1st CODS 58----1927 MN
1st gen 46 series A
1948j D
lert gen 56 series B
1962 F A
Providence Secur deb 4s
1957 M N
Providence Term 1st 48
1956 M
9512
9712 Nov'26
9918
9812 1)ec'26
99% _
97 Nov'26
107 Sale 107
107
102
Oct'26
10712
107 Sale 107
10012 100 Nov'26
1055 10714 106
Oct'26
10134 Nov'26
10334
10178
102 Dec'26
10134 June'26
10014
9114 May'25
92
10014
1001s
10014
93 Dec'26
93
104% 105 Nov'26
69
69
6512 73
84% Aug'26
83%
Reading Co gen gold 4a
19973 J
Registered
Jersey Central coil g 46_1951 A 0
Gen & ref 4366 series A1997 j J
Mans & Danv deb 5a stmpd 1927 A 0
Rich & Meek lat g 4e
1948 MN
Warn Term Ry 1st go 5s
1952 J .3
Rio Grande June let go 58 1939 J D
Rio Grande Sou let gold 48 1940.3 J
Guaranteed (Jan 1922 coup on).1 J
Rio Grande West 1st gold 4e_1939 J J
Mtge & coil trust 48 A__ 1949 A 0
R Ark & Louis 1st4 Ms_ ___ 1934 M
Rut-Canada 1st go g 4L_..1949.3 J
Rutland 1st con g 436e
1941 J
St Joe & Grand Iel lst g 4a__1947 J .1
Lawr AdIr lat g 5a
19963 J
20 gold 65
1996 A 0
St L & Cairo guar g 4a
19313 J
FOLIrMt&Sgencong 56_1931 A 0
Stamped guar 58
1931 A 0
Unified & ref gold 48
1929
J
Registered
J
Riv & Div lst g 46
1933 M N
St L M Bridge Ter gu g Es_ _ _1930 A 0
St L & San Fran (reorg co)481950
J
Registered
J J
Prior lien series 13 55
1950J J
Prior lien series C 56
1928 3 J
Prior lien 5365 aeries D
1942.3_
J
Cum adjust ser A 6s_ _July 1955 A 0
Income series A 6s_ _July 1960 Oct.
102 Louis dr San Fr Ry gen 66_1931 J J
General gold 58
1931 J J
St L Peor & N W let gU 5/4_1948 J J
ER Louis Sou lst gu g 4s1931 MS
St L S W lst g 46 bond ctfe_ _1989 MN
2d g 4s Inc bond ctfs_Nov 19853 J
Como'gold 4e
1932 J D
lst terminal & unifying 56_1952 .1 J
St Paul& IC C SO L lst 41is_1941 F A
1931 Q F
St Paul & Duluth 1st 56
let coneol gold 4a
1068.3 D
St Paul E Or Trunk 436s_ _ _ _1947 .1 J
St Paul Minn & Man con 46_1933 J D
Registered
J D
1st consol g 42
19333 D
Registered
J .1
Os reduced to gold 4369_ _ _1933 J J
Registered
1933.3 J
Mont ext 1st gold 48
1937 J D
Registered
J D
Pacific ext guar 413 (sterling)'40.3 J
En Paul Union Depot 58— _1972 J J
10018
-- 10012 Dec'26
98
9813 44% May'25
9212 92% 9212
92%
98
98 Sale 9734
99%
99% 100
99%
7912 Oct'26
7914 80
10212 10334 10212 Dec'26
10012 10114 10058 Dec'26
7%
718
718 Sale
7
6 May'25
12
8
91,
8
9112 9218 91,
85
84
84% 8334
8
9514
94% 9514 94,
81
79% Dec'26
80
90
,
8 9114 9012 Nov'26
____ 89
8912
97,
4 -- 99 Nov'26
10518
10518
10518
9612
9648 -9678 9612
10038 10012 100% 100
,
8
10038 Sept'26
97,
8
97% 975
; 9738
93 Sept'25
9338 Sale 9314
9338
100
99% 10014 100
847s
8412 Sale 8412
8214 Oct'26
10014 Sale 99% 10014
10112 Sale 10112 102
10214
10218 10258 102
9914
9918 Sale 9878
95% Sale 9518
9614
105 10578 10578 Dec'26
10012 Nov'26
1-61-13 10312 Oct'26
2512 97 9438 Oct'26
8614 Sale 8614
86%
8034 82
8034
82
9418 9412 9414
9412
96% 96% 9612
9612
9338 Sale 9212
9338
10114 Sept'26
10112
9112 91 Nov'26
91
9278 Oct'26
95
98
98
98 Sale 97
9212 July'25
10734 1-6i34 108 Dec'26
108 Aug'26
10018
10012 -- 9934
9712 Aug'26
9518 Dec'26
9512 96
9412 Nov'26
90%
903
- - 9078
8 10558
10512
410638 105,
30
45
954 10012
15
68
8
20
21
7
49
12
2
10
2
24
24
3
552
99
14
19
174
427
14
3
9
9
51
2
11
ii
13
89
94
8812
89
10212 Dec'26
102
108% - -- 108 Sept'26
102% 104 10234 00'4'26
9012
9012- 9012
,
8 if 81 Dec'26
80
8012
8038 8012 8038
83
83 Sale 8234
73
72,
8 Sale 7212
971
/
4
9712 Sale 9634
91
9012 90% 91
975s
9714 Sale 9812
100 10012 10018 Oct'26
0134 Dec'26
0312 Nov'26
10312
1014 Dec'26
11014
88%
4 8812
88% -811
8418 Nov'26
841s 86
9938
9812 Sale 9838
0112 10112
10112 102
100% 10114 0034 Nov'26
9018
9018 Sale 9018
86 Dec'26
0312 Oct'26
10414
9514 Nov'26
9434 -94
931
/
4 gale 93%
e0uthern—1at cons g 5s____1994 J
41
107
06%
0512 Nov'26
8644 Sale 88
8812 205
58
114
11314 Sale 1314
11934 54
11338 11358 1914
2
10614 10612 0612 10612
89% 90% 9034 Dec'26
101% 103 10018 Nov'26
9212
5
9212
93
92
2
8534
8412 85% 8512
10012 Sept'26
99%
98% Wife 9858 Dec'26
10238 Dec'26
10214
2
88
88
87% 88
10418 309
10334 10414 104
10418
9934 IVec_ 104
11
105%
108
10534
1
100
100 10014 100
10414 13
103% 104 103%
10118 Nov'26
101
101 Nov'26
10012
10014 104 10034 Nov'26
Oct'26
20
20
15
90
9012 90 Dec'26
9914 50
99
99% 9914
9658 Dec'25
99
Oct'26
93
93
91
90 Dec'28
90
6
12
123
54
331
20
158
21
58
2
4
134
106,
8 Sale
1928 J D 65
6514
Ulster & Del lat coral g 56
72% 6514
4234
let refunding g 46
1952 A 0 4114 4212 4234
9514
J 9434 Sale 94%
Union Pacific let g 11
1947
Registered
J J 93% 9434 9334 Nov'26
9934
20-year cony es
1927 3 J 9912 99% 9958
9414 Dec'28
J J
Registered
9112
9215
let & refunding 4s_ _June 2008 M S
ES 95
1st lien & ref 55
June 2008 M S 10818 109 10818 108%
10-year perm secured 68-1928 .1 3 102 Sale 102
10212
d Due May. ilDu.Aug.
High
9714 9712
95% 9812
96
9814
100 108
102 102
9911 108
100 101
106 196
10134 10134
10078 10314
10154 10134
9934 10014
93
91
102/
1
4 105
62/
1
4 69
84% 8458
BA Jr Ar Pass lst gu g 48_ ___1943 J J
Santa Fe Pres & Phen 5s___ _1942 M S
Say Fla & West 1st g 6e
1934 A 0
1st gold 56
1934 A 0
Scioto VA NE let gu g 4s1989 M N
Seaboard Air Line g Or
1950 A 0
Gold 48 stamped
1950 A 0
Adjustment 58
Oct 1949 F A
Refunding 48
1959 A 0
let & cons 65 series A
1945M S
Atl & Birm 30-yr let g 46_411933 M S
Seaboard All Fla 1st go Os A..1935 F A
Seaboard & Roan Se extd_ _1931
J
So Car & Ga 1st ext 5356
1929 M N
El&NAlaconagug5s
1936 F A
Oen cons guar 50-yr 56_ _ _1983 A 0
So Pac coll 45(Cent Pao coll) k'49 J D
Regletered
J D
20-year cony 46
June 1929 M 8
20-year cony 55
1934
20-year gold 58
1944 M N
San Fran Terml let 48___ _1950 A 0
A 0
Registered
130 Pat of Cal—Ou g 58
1937 M N
SO PAO Coast let go g 4s____1937
J
So Pao RR let ref 4s
1955J J
J
J D
Registered
Devel & gen 46 series A_1956 A 0
Develop & gen ele
1956 A 0
Devel & gen 63611
1956 A 0
Mem Div let g 435s-5a-1996 J J
St Louie Div let g 46
19513 J
Eaat Tenn reorg lien g 58 1938 M E3
Mob & Ohio coil tr 48_ _ _1938 M S
Spokane Internet let g Os....1955.3 J
Superior Short Line let 5a.....31930 M S
Term Aeon of St L 1st g 4%6_1939 A 0
1st cons gold 55
1944 F A
Gen refund s f g 42
1953J J
Texarkana & Ft S 1st 5355A 1950 F A
Tex & N 0 con gold 5s
19433 J
Texas & Pao let gold 56
2000 1 D
La Div B L let g 58
19313 3
Tax Pac-Mo Pac Ter 530_1964 M S
Tol & Ohio Cent 1st go 58_ _ A935 J J
Western Div 1st g 58
1935 A 0
General gold 53
19353 D
Toledo Peoria & West 4a
1917 J J
Tol St L & W 50-yr g 4a_1950 A 0
ToIWV&Ogu 4363A
19313 J
Serifs B 4366
19333 .1
Series C 48
1942 M S
Tor Ham & Buff 1st g 46__1948 J D
Range
Since
Jan, 1
4
2
51
50
23
5
10
BONDS
N.Y.STOCK EXCHANGE
Week Ended Dec. 24,
Price
Friday,
Dec. 24.
Veek's
Range or
Last Sale
.03
Range
BONI
Jas. 1
Ask Low
High No. Low
BM
Mob
13 N J RR dr Can gen 4a1944 MS
5 94 9414
9114
9414
Utah & Nor let ext 45
1933 3.3 9634 9834 96
9512 96
Oct'26
Vandal's cons g 4s series A 1955 FA
88
9012 Nov'26
904
Consol 48 aeries B
1957 MN
9012 Oct'26
881g 9084
Vera Cruz & P lst gu 4 366_ _1934 J J
20 Sept'25
July 1914 coupon on
3.3 2012 2414 24 Apr'26
24
24
Assenting let 4348
1934
5
22
33
2334 Sale 2334
2334
Virginia Mid 58 series F_ __ _1931 3' 100,
101 101
101 Sept'26
8
General 541
1936 MN 10238 Sale 10238 1023s
6 101 10259
Va & Southw'n 1st go 582003 J
102
102 Dec'26 _
9913 103
let cons 50-year 5s
1958 A0 95
5
9054 97
9618
96% 9618
Virginian let 55 series A____1982 MN 10318 10338 103
103,
8 97
994 1034
Wabash 1st gold 58
1939 MN 103 10378 103
104
10 101 104
2d gold 5e
1939 FA 10114 10112 10114
10158 11
9812 102
Ref s f 536e series A
1975 MS 103% Sale 103% 104
59
9812 105
Debenture B 6s regietered.1939 MS
8314 Feb'25
1st lien 50-yr g term 4a_1954 3.3 8434 ____ 84% Aug'26
861,
84
Det & Chi ext let g 5s_ __ _1941 J J 10312
101 1024
10218 Nov'26
Des Moines Div 1st g 46_1939
J 8834 89% 90 Dec'26
8414 90
Om Div lst g 336e
1941 AO 8338
8312 Dec'26
774 8312
Tol & Ch Div g 46
1941 MS
87
904
9058 Dec'26
Warren let ref go g 336s___ _2000 FA 7734 -- 8012 Sept'26
80
81
Wash Cent 1st gold 48
1948 QM 85% 89
84
8518 Nov'26
86
Wash Term let gu 3366
1945 FA 85% 8534 8538
2
83
88%
8538
let 40-year guar 4e------1945 F A 9212 ---_ 85
83
Oct'26
91/
1
4
95
90
9414 9852
9934 10012
80
78
10012 10234
9512 10114 W Min W & N W let go 58_1930 FA 98% 100
9838
7
983.1
514 718 West Maryland let g 48___ _1952 AG 7538 Sale 7514
7534 76
West N Y & Pa lst g 56.-1937ii 10112 103 10112 10112
1
867s 927
Gen gold 48
1943 AO 88
881
/
4 88 Dec'26
7418 85
Income g 58
Apr 1 1943 Nov
45 Feb'25
89
9514 Western Pac 1st sex. A 58_1948 MS 9958 Sale 9912
9934 33
7538 8334
1st gold fis series B
1946 MS 10324 10414 104
10414 19
92
87
West Shore let 48 guar
2361 33 86% 8612 8614
5
8612
7814 8012
Registered
2361 J2 85% 8534 8534
5
8534
9712 9912 Wheeling & Lake Erie
105 10518
Wheeling Div let gold 58_1928
99% 10014 9912 Oct'26
95
9612
Exert & impt gold 5e
1930 FA 100 __
9714
9714
100 101
Refunding 436e series A1966 M S 90% 9012 9012 Dec'26
3
10014 10038
RR 1st consol 45
1949 MS 8714 8734 8812 Dec'26
9534 0714 Wilk & East let gU g 59— _1942
7214
73
74
741s 22
Will & S F 1st gold 55
1938
10212 10412 103 Nov'26
94
89
Winston-Salem S B 1st 45_ __1960 JJ 86% 8812 86%
5
8678
9934 1007s Wts Cent 50-yr let gen 4s___1949 J J 8212 83 83
11
83
77,
8 85
Sup & Dul dlv & term let 45'38 MN 8834 9014 8914 Dec'26
84
80
Wor & Con East 1st 436e___1943 J
87
Jan'26
93 10014
10138 103
INDUSTRIALS
9914 10318 Adams Express coil tr g 4a-1948 M S 8914 89% 89
2
80
9214 99% Ajax Rubber let 15-yr a f 86_1936 J D 107 Sale 10578
10712 22
84,
8 9634 Alaska Gold M deb 66 A_ __1925 M
9
3
4
3
3
101 10618
Cony deb 69 series B
1926 M
3
7
3 Sale
3
10018 10112 Alpine-Montan Steel 7a____1955 M
9134 Sale 9134
9214 27
10212 104
Am Agric Chem let 58
1928 A
104 10414 103
Oct'26
9418 9738
let ref a f 7366 g
1941 F
10412 54
104 Sale 104
8418 88
Amer Beet Bug cony deb 65_1935 F
3
9518 9534 95
9514
82
75
American Chain deb 5 2 6a 1933 A
10114 Sale 101
10134 16
9138 95
Am Cot Oil debenture 5e_ _ _1931 M N 95
26
96
95%
96
8912 9712 Am Dock dt Impt gu 68
1936.3 J 10512
10512 Nov'26
93,
8 Amer Ice deb 7s___July 15 1939
86
130 Dec'26
10114 10114 Am Mach & Fdy f 6a
5
1939
1143
.
4 10414
15410412
87
91
Am Republic Corp deb 6s__1937 A 0 99
3
9914 9912
0912
9018 9278 Am Sm & R lst 30-yr 5s ser A '47 A 0 10012 Sale 10018
105
101
9534 98
let M 65 series B
1947 A 0 10712 108 10734
3
108
Amer Sugar Ref
86_1937
J 104% Sale 10412 10434 58
iinia 1613-4 Am Telep & Teleg15-yr
coil tr 48,1920! .1 98,
8 Sale 9838
98,
s 141
107 108
Convertible 4s
1936 M S 93% 94
2
9334
9334
99 10018
20-year cony 4368
1933 M S
100
99
2
99
9712 99
30-year coil tr 5s
19463 D 133i8 Sale 102% 10338 34
95%
93
Registered
J D
103 June'26 _
9214 9419
35-yr s f deb 5a
1960J J i5if4 dale 101
10112 284
8918 90%
20-year s f 5 Sis
1943 M N 105% Sale 105,
8 106
121
10178 10534 Am Type Found deb fie
1940 A 0 10312 Sale 10312 10378 11
Am Wat Wks dt Elec 5s...,1934 A 0 9818 Sale 98
9814 48
84
89
Am Writ Paper s f 7-6e
1939 J J 6014 Sale 5978
6178 60
10012 10254
Temp interchangeable ctfa dep. ---- 60 Sale 60
6112 227
108 110
10234 10234 Anaconda Cop Min let 66_1953 F A 10414 Sale 10414
10434 250
8778 9034
10434 Dec'26
Registered
7814 82
15-year cony deb 78
1938 FA 10918 Sale 109
10912 224
78% 82
136
Andes Cop Min cony deb 76_1943'3 10812 Sale 108
109
76
87% Anglo-Chilean Nitrate 7eww1945 MN
97 Nov'26
_
69% 78
Without warrants
8734 Sale 87%
430
90
91
9712 Antilla(Comp (Azuc) 74e_1930 J J 96 Sale 9334
117
96
88% 94
Ark & Mem Bridge & Ter 5a_1984 MS 100 10014 10014 Dec'26
9214 9834 Armour & Co 1st real est 4345'39 JD 9214 9212 9134
9214 51
99% 10012 Armour & Coot Del 536e_ _ _1943'3 9434 Sale 9434
9518 97
101 102
Associated 011835 gold notes 1935 MS 10234 102% 10234 102%
2
10214 10414 Atlanta Gas L let 55
1947 JD 10134 -- 9958 Mar'25
10554 11014 Atlantic Fruit 78 etre dep
1934 ID 17% 24
1558 Dec'26
8
8512 90,
Stamped ctfa of deposit
15% ---- 2014 Jan'26
84% 8512 Atl Gulf & W I SS L col tr 56_1959 J J 71 Sale 69
71
63
9678 99% Atlantic Refg deb 58
1937
101 Sale 101
10114
4
100 10234
9954 101
@FedFRASER